Shares of One97 Communications, the bank's parent, fell 20% each on both days after the Reserve Bank of India (RBI) prohibited it from most banking activities. The central bank said an audit had revealed "persistent non-compliances" and "continued material supervisory concerns" at the payments bank.
There were four primary issues at Paytm Payments Bank that triggered the RBI action, the person cited above said.
First, the bank falsified compliance on issues pointed out by the regulator, meaning it claimed to have rectified the flaws without actually doing so.
"When RBI found KYC violations in 2021, the bank did not make the necessary changes and also presented inaccurate compliance reports which subsequently led to restrictions on adding new customers in
March 2022," the person cited above said on condition of anonymity.
Bu hikaye Mint Mumbai dergisinin February 03, 2024 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin February 03, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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