RBI to Lay Out IT Audit Terms for Paytm Bank

The central bank would set the terms of reference for an in-dependent technology audit of Paytm Payments bank after it banned the onboarding of new customer’s acquisition and privacy that may have included rules that may have included possible data flow to companies of Chinese origin, to people familiar with the matter told ET Founder Vijay Shekhar Sharma denied a media report that alleged data sharing with Chinese entities may have led to the regulatory curbs. Paytm Payments Bank will submit to the RBI for its nod several

Names as potential audit candidates, and the latter may finalize the terms of reference based on its findings that include a series of lapses in meeting know-your-customer norms said those people, who did not want to be named.

“The payment bank did not plug the gaps in the system even after repeated relevant

References by the RBI. The RBI. There were consistent deficiencies found in its KYS process, like accounts that needed a full KYC were not done,” said a person cited above.

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