Paytm Payments Bank resumes customer on-boarding after RBI's go-ahead


Paytm Payments Bank, which was asked to halt on-boarding of new customers six months ago, is learnt to have resumed the process for signing up new customers after receiving the go-ahead by the Reserve Bank of India.

Company’s founder Vijay Shekhar Sharma on Tuesday morning tweeted asking users to open saving accounts at the payments bank. “India’s most sincere bank is here. Welcome 2019 with revolutionary banking of Paytm Payments Bank,” Sharma tweeted an advertisement which has been placed in several newspapers.

Back in June, after an audit it had done, the RBI had found lapses in the KYC process employed by Paytm Payments Bank. It also raised concerns around the sharing of financial data of Indian users between One97 Communications, a majority foreign owned firm, and Paytm Payments Bank. The Central Bank had also raised concerns on the credentials of Renu Satti, the then chief executive officer at Paytm Payments Bank, for leading the banking arm.
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