India’s central bank has barred SoftBank-backed Paytm Payments Bank from adding new customers over alleged gaps in its technology systems, potentially denting its small-finance-bank aspirations, The Economic Times reported.
Paytm Payments Bank joins a swelling list of financial companies and lenders, such as MasterCard, Diners Club, American Express and HDFC Bank, that have been penalised by the Reserve Bank of India for systemic glitches. “This action is based on certain material supervisory concerns observed in the bank,” the central bank said in a statement on Friday.
Full story: The Economic Times
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