RBI bans Paytm Payments bank, onboarding of new customers not allowed

New Delhi: The Reserve Bank of India (RBI) has stopped Paytm Payments Bank from onboarding new customers.
The bank has been told to appoint an audit firm for comprehensive system audit of its system.

Reserve Bank of India stops Paytm Payments Bank from onboarding new customers pic.twitter.com/wOemAsw21a

— ANI (@ANI) March 11, 2022

In a directive issued today, the RBI said that the Paytm Payment bank will be barred from drawing new customers. Only after review of its audit report by the RBI, it will be allowed to bring new customers on board.