• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Friday, May 16, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

The Reserve Bank of India has Barred Paytm Payments Bank from Accepting New Customers.

by NIsha Jain
March 12, 2022
in News
Reading Time: 2 mins read
0
Paytm
TwitterWhatsappLinkedin

“The Reserve Bank of India has today (March 11), in the exercise of its powers under section 35A of the Banking Regulation Act, 1949, advised Paytm Payments Bank Ltd to cease onboarding of new clients with immediate effect,” the RBI said in a circular.

You might also like

Groww Prepares for Confidential IPO Amid Market Headwinds, Secures $150 Mn from GIC

Zomato Gold and Swiggy One Members No Longer Exempt from Rain Surge Fees

Dick’s Sporting Goods to Acquire Foot Locker for $2.4 Billion in Bold Bid to Corner the Nike Market

twitter.com

HIGHLIGHTS

  • The Reserve Bank of India (RBI) barred Paytm Payments Bank from accepting new customers on Friday.
  • The RBI has also ordered that the bank employ an audit company to conduct a system audit of its IT system.
  • This action is being taken in response to material supervisory concerns raised by the bank.

It further stated that Paytm Payments Bank’s onboarding of new customers will be subject to particular clearance from the RBI after reading the IT auditors’ report. This move is based on “some serious supervisory issues discovered in the bank,” according to the statement.

While the RBI did not explain why it is preventing the firm from accepting new customers, this is not the first time the regulator has taken such an action. In August 2018, it was reported that PayTm Payments Bank has ceased enrolling new clients as a result of an RBI audit, which indicated that the company was not adhering to adequate know-your-customer (KYC) rules when it came to obtaining new consumers.

RBI Bars Paytm Bank from Taking New Customers

Later, it was discovered that the RBI was also concerned about the close relationship between Paytm Payments Bank and its parent company, One97 Communications because Payments banks are obliged by law to maintain an arm’s length distance from promoter group firms. Paytm parent company One97 Communications owns 49 percent of Paytm Payments Bank, while Paytm founder Vijay Shekhar Sharma owns 51 percent.

According to reports, the firm failed to meet the Rs 100-crore net worth criteria and was also exceeding the Rs 1-lakh deposit limit allowed per account for payments banks at the time. PayTm did not respond when contacted at the time this story was initially published.

Tags: paytm
Tweet54SendShare15
Previous Post

Byju’s Raises $800 Million in Venture Capital, Led by Creator Raveendran.

Next Post

Tesla Model S driver in Ukraine stranded while being charged

NIsha Jain

Recommended For You

Groww Prepares for Confidential IPO Amid Market Headwinds, Secures $150 Mn from GIC

by Ishaan Negi
May 16, 2025
0
Groww Prepares for Confidential IPO Amid Market Headwinds, Secures $150 Mn from GIC

Bengaluru-based investment platform Groww is gearing up to hit the public markets, becoming one of India’s most prominent new-age fintech firms to do so.

Read more

Zomato Gold and Swiggy One Members No Longer Exempt from Rain Surge Fees

by Ishaan Negi
May 16, 2025
0
CCI investigation finds Swiggy, Zomato guilty of breaching antitrust laws

In a move that has sparked disappointment among loyal users, India’s food delivery giants Zomato (now renamed Eternal) and Swiggy have quietly rolled back a key benefit for...

Read more

Dick’s Sporting Goods to Acquire Foot Locker for $2.4 Billion in Bold Bid to Corner the Nike Market

by Anochie Esther
May 16, 2025
0
Foot Locker

In a surprising retail shake-up, Dick’s Sporting Goods announced its plans to acquire Foot Locker in a $2.4 billion deal, aiming to solidify its dominance in the competitive...

Read more
Next Post
Ukrainian Tesla Driver Stranded In Romania Charges At Gas Station

Tesla Model S driver in Ukraine stranded while being charged

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?