The RBI on Friday requested that Paytm Payments Bank quit opening new records in the midst of "material administrative worries" seen in the bank. Save Bank of India has today, in the exercise of its abilities, entomb alia, under area 35A of the Banking Regulation Act, 1949, coordinated Paytm Payments Bank Ltd to stop, with prompt impact, onboarding of new clients," the national bank said in an explanation.
The bank has likewise been coordinated to select an IT review firm to direct an exhaustive framework review of its IT framework. "Onboarding of new clients by Paytm Payments Bank Ltd will be dependent upon explicit authorization to be conceded by RBI subsequent to evaluating report of the IT examiners. This activity depends on specific material administrative worries saw in the bank," it said.
Paytm Payments Bank was consolidated in August 2016 and officially started its activities in May 2017 from a branch in Noida. In December 2020, the RBI had banished HDFC Bank from sending off any new advanced items or administrations and giving new Mastercards till the moneylender settled repeating tech issues.
The bank has likewise been coordinated to select an IT review firm to direct an exhaustive framework review of its IT framework.
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