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Paytm Payments Bank to Stop Enrolling New Customers -Details here

RBI aka Reserve Bank of India has released an order to Paytm Payments Bank to suspend the enrolment of new customers. The central bank is said to have found discrepancies in the adherence of know-your-customer (KYC) norms by the Noida-based company. 

Paytm stopped enrolling
new customers on June 20, a report said. RBI has directed Paytm Payments Bank to stop adding new customers with immediate effect, Mint reports, citing people familiar with the development. It is also said that RBI had questioned the ability of Renu Satti to lead a banking services firm; the central bank requires chief executives of payments banks to have a background in banking. Consequently, the executive stepped down from her position last month and took the role of Chief Operating Officer for Paytm's New Retail unit. Satti had joined Paytm Payments Bank as Managing Director and Chief Executive Officer in May last year.

Right now Paytm Payments Bank is currently modifying the account opening process to add 'current accounts' due to which new account creation has been paused. We were able to verify the suspension of new enrolments.

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