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RBI directs Paytm to stop onboarding new customers

"The bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system," it said.

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Mumbai: The Reserve Bank of India on Friday directed Paytm Payments Bank to immediately stop onboarding new customers and to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.

In a statement issued here, the apex bank said that this action is based on certain material supervisory concerns observed in the Paytm Payments Bank. The RBI has directed Paytm Payments Bank to stop, with immediate effect, onboarding of new customers.

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“The bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system,” it said.

The RBI further said that the Paytm Payments Bank will be granted permission to onboard new customers only after reviewing reports of the IT auditors.

“Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing reports of the IT auditors,” RBI added. 

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