Search
Paytm payments Bank receives RBI observations on IT report
November 08, 2022
Paytm Payments Bank (PPBL) management has received an RBI-mandated IT auditors report and the central bank’s observation on it, more than six months after it was asked to pause onboarding new customers.
“As per the preliminary assessment carried out by the bank management team of the above, we are informed that the observations are largely around the continued strengthening of IT outsourcing processes and operational risk management,” Paytm said in its Q2 earnings report.
The payments bank is a joint venture between Paytm, which owns a 49 percent stake in the company, and Vijay Shekhar Sharma, who holds 51 percent.
“The bank management is in the process of responding back to the RBI and will wait for further discussions/directions from the regulator,” it added.
The fintech firm also said it cannot share a timeline on when it would be permitted to resume onboarding new customers. However, it maintained that the measures imposed upon PPBL will not materially impact Paytm’s overall business.
Meanwhile, Paytm has posted a consolidated loss of ₹571.5 crore for the quarter ended September FY23, widening from a loss of ₹473.5 crore recorded in the same period last year. However, the loss narrowed from ₹645.4 crore registered in Q1FY23.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
