#PAYTM #InvestingUniversity
XTRAS: Paytm Payments bank was first payment bank to become profitable. It had 50 million accoutn holders and it was first to offer 24*7 NEFT service.
BAN ON PAYTM PAYMENTS BANK
RBI'S DIRECTIVE:
RBI directs Paytm Payments Bank to immediately stop onboarding new customers The Paytm Payments Bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system.
WHY?
The company violated rules by allowing data to flow to servers abroad. Paytm also didn’t properly verify its customers, thus raising money laundering concerns.
DATA MISUSE:
According to the RBI, Paytm servers were sharing data and information with Chinese companies that own shares of Paytm.
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