On Tuesday, Paytm traded down 0.5 per cent at Rs 562.65, as against a 0.2 per cent decline on the benchmark index. A combined 4.2 million equity shares had changed hands in the first 20 minutes of trades on the NSE and BSE.
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The Reserve Bank of India (RBI) on Friday, March 11, 2022 barred Paytm Payments Bank (PPBL) from onboarding new customers with immediate effect because of certain supervisory concerns. PPBL processes transactions for India’s digital payments giant Paytm.
The banking regulator has directed PPBL to appoint an IT audit firm for conducting a comprehensive system audit of its IT system. Paytm PB will need specific permission from the RBI to restart onboarding of customers following a review of the audit. Paytm has said that, PPBL, was taking immediate steps to comply with RBI directions and was looking to appoint a reputed external auditor to conduct a comprehensive systems audit of its IT systems.
However, the company stated that the RBI order does not impact any existing customers of PPBL, who can continue to use all banking and payment services without interruption. 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, in an exchange filing.
