Paytm Bank Says Report Claiming Data Leak To China Firms "False": 10 Facts
- News agency Bloomberg had reported that the RBI or Reserve Bank of India had found the company's servers sharing information with China-based entities that indirectly own a stake in the Paytm payments bank.
- The company put out a denial today. “Paytm Payments Bank is proud to be a completely homegrown bank, fully compliant with RBI's directions on data localisation. All of the Bank's data resides within India," the company said. The RBI is yet to comment.
- On Friday, the Reserve Bank had told Paytm to stop enrolling new customers and ordered an audit of its IT systems, citing "certain material supervisory concerns observed in the bank".
- RBI had said it will allow Paytm Bank to onboard new customers subject to specific permission after reviewing the IT auditor's report.
- Paytm shares dropped after the RBI move. The company's stock also plunged over the weekend when it was revealed that Paytm Founder and Chief Executive Vijay Shekhar Sharma had been briefly detained after he allegedly rammed a policeman's car and fled.
- Mr Sharma owns 51 per cent of Paytm Payments Bank, while Paytm parent One97 Communications holds the rest.
- Paytm characterised the accident as a "minor offence". Shares of the company tumbled more than 13 per cent on Monday.
- Paytm made its debut in November last year in the country's biggest-ever initial public offering (IPO).
- Including Monday's losses, Paytm shares have fallen more than 68Â per cent to Rs 680.40 from its issue price Rs 2,150.
- Paytm Payments Bank had received the central bank's approval in December 2021 to function as a scheduled payments bank, helping it expand its financial services operations.
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