Taking immediate steps to comply with RBI directions: Paytm Payments Bank
Zee News
Paytm Payments Bank was incorporated in August 2016.
New Delhi: Paytm Payments Bank on Saturday said it is taking immediate actions to comply with the direction of the Reserve Bank of India which has barred the company from opening new accounts amid "material supervisory concerns".
This is the third time that Vijay Shekhar Sharma-promoted Paytm Payments Bank (PPBL) is facing action from the banking regulator since its inception in May 2017. It has been prohibited from opening new accounts for the second time.
"We are taking immediate steps to comply with RBI directions. PPBL remains committed to working with the regulator to address their concerns as quickly as possible. We shall notify when we recommence the opening of new accounts after obtaining RBI approval," PPBL said in a blog.
Paytm Payments Bank was incorporated in August 2016 and formally began its operations in May 2017 from a branch in Noida. As per the last disclosed numbers, PPBL had around 6.4 crore customers.
Sharma holds 51 per cent stake in Paytm Payments Bank (PPBL), while the remaining 49 per cent is held by Paytm.
