Paytm Payments Bank yet to appoint firm for system audit: Govt 

Paytm Payments Bank has not yet appointed the IT Audit firm for a comprehensive system audit of the IT system of the bank, the government told the Parliament. Minister of State for Finance Bhagwat Karad told the Lok Sabha, “RBI has further informed that the Paytm Payments Bank Limited has not yet appointed the IT audit firm to conduct a comprehensive system audit of the bank.”

He also noted that the RBI had asked PPBL to stop onboarding new customers with immediate effect on March 11 and it also directed the bank to appoint an IT audit firm to conduct a comprehensive system audit of the bank.

The RBI said in its statement, “Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors.” According to the central bank, this action was based on material supervisory concerns observed in the bank.

Soon after this communiqué by the central bank, PPBL said in an exchange filing that it is taking steps to comply with the directions of the RBI. It also noted that existing customers will not be affected and they can continue using PPBL banking and payment services.

The filing noted, “All existing users of Paytm UPI, Paytm Wallet, Paytm FASTag and bank accounts can continue to use these instruments, including debit cards and net banking, for payments.” It also not added that new users will not be allowed to sign up for PPBL wallets and savings or current accounts until further notice.

Also read: RBI directs Paytm Payments Bank to immediately stop onboarding new customers

Also read: Taking steps, customers to not be impacted: Paytm Payments Bank on RBI directions