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Paytm Payments Bank's Inadequate KYC Prompted RBI Crackdown — Exclusive
Transactions routed through the parent app raised data privacy concerns.
03 Feb 2024, 10:44 AM IST
Inadequate Know-Your-Customer procedures, which led to transactions worth crores of rupees, was one of the major reasons for the Reserve Bank of India to impose stringent curbs on Paytm Payments Bank on Jan. 31, according to people with knowledge of the matter.Material lapses in the conduct of the payments bank has resulted in supervisory concerns from the RBI. Over 1,000 users were found to have linked the same PAN to their accounts...
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