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RBI issues instructions to Paytm Payments Banks: The Reserve Bank of India (RBI) directed the Paytm Payments Banks to stop onboarding new customers with immediate effect. This is a huge setback for the digital finance services of Paytm. RBI took the call based on several material supervisory concerns that are observed in Paytm Payments Bank. ....
Onboarding of new customers by Paytm Payments Bank will be subject to specific permission to be granted by RBI after reviewing reports of the IT auditors. ....