Type to search

RBI Tells Paytm Payments Bank To Halt Adding Customers: ET

The bank has also been ordered to appoint an IT audit firm to conduct a comprehensive systems review

The Indian rupee is likely to trade near 80.5 to the dollar for 3 months, a poll has found.
Forex analysts say the Indian rupee is likely to trade near 80 to the dollar for several months, unless other factors develop. File photo: Reuters.


India’s central bank has barred SoftBank-backed Paytm Payments Bank from adding new customers over alleged gaps in its technology systems, potentially denting its small-finance-bank aspirations, The Economic Times reported.

Paytm Payments Bank joins a swelling list of financial companies and lenders, such as MasterCard, Diners Club, American Express and HDFC Bank, that have been penalised by the Reserve Bank of India for systemic glitches. “This action is based on certain material supervisory concerns observed in the bank,” the central bank said in a statement on Friday. 

Full story: The Economic Times


Watch more


Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


AF China Bond