Paytm Bank Yet to Appoint firm for IT Audit: Karad

Paytm Payments Bank has yet to appoint a firm to conduct an audit of its information technology (IT) systems, Minister of State for Finance Bhagwat Karad informed Lok Sabha. “The RBI (Reserve Bank of India) has further informed that Paytm Payments Bank Ltd not yet appointed the IT audit firm to conduct a comprehensive System Audit of the IT system of the bank.” Karad informed the lower House in a written response. The Reserve Bank had on March 11 barred SoftBank – backed Paytm Payments Bank from adding new customer’s due to likely gapes in its technology systems. “Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by the RBI after reviewing (the) report of the IT auditors,” the central bank had said. On March 14, ET reported that the central bank would set the terms of reference for an IT audit of Paytm Payments Bank after it had banned the onboarding of new customers. Paytm Founder Vijay Shekhar  Sharma, however, denied allegations that data sharing with Chiness entities may have led to the regulatory curbs. “I want to inform and confirm that in various observation RBI has shared with Paytm Payments Bank, there is absolutely no reference to any data sharing or servers being outside or data sharing with any unauthorized personal national or international – any country whatsoever,” Sharma said. S-ET

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