Last modified: May 29, 2023
RBI directed Paytm Payments Bank Limited to halt its onboarding of new customers after noticing certain material supervisory concerns. RBI also directed the PPBL to also appoint an IT audit firm to conduct a comprehensive System Audit of its IT system however this will not impact any existing customers of payment banks i.e. The Reserve Bank of India (RBI) asked Paytm Payments Bank to stop opening new accounts only.
That means No new customers can join paytm payment bank without specific permission granted by RBI after reviewing IT auditors' reports. The bank is taking immediate steps to comply with RBI directions, including the appointment of a reputed external auditor to conduct a comprehensive System Audit of its IT systems. PPBL remains committed to working with the regulator to address their concerns as quickly as possible.
After this sudden & temporary stoppage on new customers Paytm believes that the measures imposed upon PPBL will not materially impact Paytm’s overall business as RBI's direction does not have an impact on the services that Paytm provides in partnership with other financial services institutions.
According to the RBI, the action followed material supervisory issues at the payments bank. Paytm is yet to comment on the development, but some reports suggest that several reasons including violation of norms related to Know Your Customer (KYC), data storage, data privacy, and outsourcing of data, could be behind the RBI move. The latest ban on the Paytm Payments Bank will not have any impact on the existing Paytm users. They will be able to do their app-related transactions as usual.
The latest onboarding ban on the Paytm Payments Bank will not have any impact on the existing Paytm users.
|NOIDA B 121||B-121, SECTOR 5 NOIDA 201301|
|VJ Business Tower||A-6,VJ Business Tower, Sector 125, Noida|
|Mamura Sec-66, Noida||Gali No. 1, Village- Mamura, Sector 66 Noida, Gautam Budh Nagar, Uttar Pradesh-201301|
|Kuleshra, Greater Noida||Village – Kuleshra, Greater Noida, Gautam Budh Nagar (UP) 201306|
|Damodar Nagar, Kanpur||Plot No.13, W-2,Damodar Nagar Kanpur, Uttar Pradesh-208027|
|Kuleshra, Greater Noida||Khasra no. 325, Village Kulesra, Greater Noida, Near Baba Mohan Ram Hospital, Gautam Budh Nagar, UP-201306|
|Shyam Nagar Kanpur||60-Rampuram,Shyam Nagar, Kanpur, Uttar Pradesh-208015|
|Old Shani Bazar, Surajpur||Village-Surajpur, Old shani Bazar, Greater Noida,Gautam Budh Nagar, UP-201306|
|Mohan Mandir Gali, Surajpur||Khasra no-328, Village-Surajpur, Mohan Mandir Gali, Greater Noida, Gautam Budh Nagar, UP-201306|
|Virar||Shop No-6, Choudhary Apartment, Near Mathura Dairy, Opp Geeta Apartment, Sahkar Nagar, Virar East , District-Palghar, Maharashtra-401305|
|Nalasopara||Shop No-8, Sai Sangam Apartment, Moregaon Naka, Nalasopara East, District-Palghar, Maharashtra-401209|
|Nanded||Shop No-2, APMC Market, Guruprasad Niwas, Mudkhed, District-Nanded, Maharashtra-431806|
|Tarapur, Boisar Road, Palghar||Shop No.3, Sr. No. 42, Gagangiri Complex, Nr. Bus Stop,Tarapur, Boisar Road, Palghar - 401502|
|Hadipur||Village – Jadabpur, Post- Hadipur, PS- Deganga, 24 Parganas (North), West Bengal- 743424|
|Nanmuhiya More, Patna||Ward No-53, Circle No-68, Holding No- 79/76/70, Sher Shah Road, Nanmuhiya More, Patna, Bihar– 800007|
|Wadhvana Pati Udgir Nanded Road||Shop No-3, Chawan Complexe, Loha Near Buldhna bank, Bus Stand Loha, Nanded-431708|
|APMC Market Basmat||Chepurwar Complexe, APMC Market, Near BOI ATM Basmat, District-Hingoli -431512|
|Ganga Nagar, Fhursunghi||S. No. 215, Shop No-1, At post Ganga Nagar, Near Zende clinic, Fhursunghi, Pune - 412308|
|Gramin Police Station Bus Stand Road Basmat||Shop No, 2, Chepurwar Complexe Opp-Gramin Police Staion Bus Stand Road Basmat, District Hingoli-431512|
|Gandhi Market, Jwalapur||Akash Studio ,77, Gandhi Market, Jwalapur, Haridwar-249407|
|Malur, Kolar||Sai Baba Temple Maruthi Extension Malur, Karnataka-563130|
|Nakronda Road, Balawala||Lane No-2, Sainik colony, Nakronda Road, Balawala, Dehradun-248001|
|Munjaba Wasti Dhanori||S.No. 27/2A/1/24. Shop No. 2, Aai - Vadilacha Ashirwad Building, Munjaba wasti, Nr. Bhima Shankar Tarun Mandal, Dhanori, Pune - 411015|
|Vankyatesh Nagar Nanded||Shop No – 1, Ambika Niwas, Vankyatesh Nagar, Beside Hingoli Gate, Opp. Hotel Anuradha Palace, Bapna Road, Nanded – 431601|
|JALALKHALI, NADIA, WB||VILL+PO- JALALKHALI,PS- KATWALI, DIST- NADIA,WEST BENGAL-741102|
|LISARI ROAD MEERUT||197,ANJUM PALACE BANQUET HALL,LISARI ROAD, MEERUT, Uttar Pradesh- 250002|
|Krishna Nagar bagu,Ghaziabad||Khasra No. 186, Krishna Nagar, bagu Village, Mawai, Dundahera, Ghaziabad (UP)-201009|
|SIRSA GREATER NOIDA||SHOP NO 1,MAIN DHANKAUR ROAD, NEAR AXIS BANK ATM & OXFORD PUBLIC SCHOOL, SIRSA, GREATER NOIDA (U.P)201310|
|Ghari Majra, Ghaziabad||Khasra No-162/2, Ghari Majra, Chodhary Market, Meerut Road, Ghaziabad, UP-201003|
|Matrika Vihar, Khoda Colony||Shop no-2 Matrika Vihar, Khoda Colony, Ghaziabad, Uttar Pradesh-201001|
|SAHU CHOWK PUNDAG||
KHATA NO-120, PLOT NO-1399/1400, THANA NO-228, PO-PUNDAG, PS-JAGARNATHPUR, DIST-RANCHI, JHARKHAND- 834004
|MAKHMANDRO BAZAAR||MAKHMANDRO BAZAAR, VILL-MAKHMANDRO, PO-RATU, PS-RATU, DIST-RANCHI, JHARKHAND- 835222|
|THAKURGAON MAIN CHOWK||PLOT NO-1377, GURGAIN THAKURGAON BANK MORE CHOWK, THANA NO-88, MAUZA-GURGAIN PO-GURGAIN, DIST-RANCHI, JHARKHAND-835205|
|Maner Bazar Patna||Maner Bazar , Po + Ps - Maner , Dist - Patna, Bihar-801108|
|Nandgram, GZB||D-10, Near E-block Tempo stand , Nandgram, Ghaziabad, Uttar Pradesh-201003|
|Ghookna Main market, Jack compound||Kh. No. 606, Jack Compound Ghookna more, Ghaziabad, Uttar Pradesh- 201003|
|NEAR NTPC DADRI||VILLAGE RASOOLPUR, NEAR NTPC VIDUT NAGAR, DADRI, GREATER NOIDA, GAUTAM BUDH NAGAR, UTTAR PRADESH- 201008|
|Balaji Enclave, Govindpuram Ghaziabad||Shop No-4, Ground Floor, Vaishno Apartment Gali No-9 ,Balaji Enclave, Govindpuram, Ghaziabad-201001|
|Rajiv Nagar Khora colony||Khasra No 1013, RC- 67, Rajiv Nagar, Adarsh Nagar, Khora, Ghaziabad, Uttar Pradesh-201014|
|New Ashok Nagar||A-459,New Ashok Nagar, Delhi-110096|
|Habibpur , Greater Noida||Village- Habibpur, Post- Kuleshra, Greater Noida, Gautam Budh Nagar, Uttar Pradesh-201306|
|Prakash Nagar,Gaziabad||Gali No-4, Prakash Nagar, Near Ambedkar Gate, Khoda, Gaziabad, Uttar Pradesh-201307|
|Fafrana road Modi Nagar||C-15 Fafrana Road, Modi Nagar, Ghaziabad, UP-201204|
|Tibra Road, Modi Nagar||TIBRA ROAD BHUPANDER PURI,MODINAGAR,Ghaziabad, Uttar Pradesh-201204|
|Life Line hospital Meerut||Near Old Age Home,Opp IImt Lifeline Hospital, IIimt University, Ganganagar,Meerut, Uttar Pradesh-250001|
|Gurudwara Road Modi nagar||H.NO. 51 GURUDWARA ROAD, PALIWAL ATTA CHAKKI, MODINAGAR, UTTAR PRADESH-201204|
|Maha megha HDFC bank wali gali||Village Surajpur, Near HDFC Bank, Maha Medha Gali, Greater Noida, Gautam Budh Nagar, Uttar Pradesh- 201306|
|Mawana bus stand||SHOP NO - 473,NEAR YES BANK ATM, MAWANA BUS STAND MAWANA MEERUT, UTTAR PRADESH- 250401|
|JEETPUR,RAWLI ROAD,MURAD NAGAR||1490,JEETPUR,RAWLI ROAD,MURADNAGAR, NEAR HANS INTER COLLEGE,U.P-201206|
|GAUS NAGAR,KARELI,ALLAHABAD||37E/40B/K1 GAUS NAGAR,KARELI,ALLAHABAD, UTTAR PRADESH-211016.|
|CHANDPUR,BIJNORE||SHOP-1, MOHALA SARAI RAI, OPP-GURUDWARA, DHONARA ROAD CHANDPUR,BIJNORE, UTTAR PRADESH- 246725|
|RAMNAGAR , BAHADURGARH||147/14, RAMNAGAR , BAHADURGARH, HARYANA - 124507|
|Mandi Samiti Road, Sharanpur||Shop no. 124, Mandi Samiti Road, near Pratap Nagar, Laxmi Narayan Mandir, Sharanpur ( UP )-262701|
|Vikas Nagar, Bahadurgarh||109, Ward No-1, Vikas Nagar, Barahi Road, Line par, Bhadurgarh, Haryana-124507|
|Chawla Colony,Ballabhgarh||C 521, Chawla Colony,Ballabhgarh, Faridabad, Haryana - 121004|
|Hitech City, Metro Station||A, 7, 2, Hitech City Rd, Near Cyber towers, Jaihind Enclave, HITEC City, Hyderabad, Telangana 500081|
|Subhash Colony, Faridabad||Shop no. 5, Subhash colony,Main Road Ballabgarh,Distt:-Faridabad(HRY.)-121004|
|Gulistanpur Greater Noida||Village- Gulistanpur, Greater Noida Gautam Budh Nagar (UP) 201306|
|Silchar, Assam||CHERAGI BAZAR, LATHIMARA, NEAR- ASSAM GRAMIN BANK, KATHIGORAH, CACHAR, SILCHAR-788805, ASSAM|
|Amloh, Fatehgarh Saheb||Punjab Cloth house, Hospital Road, Opp.Gurudwara Saheb, Amloh, District-Fatehgarh saheb, Punjab-147203|
|Govindpuram, Ghaziabad||G-336, Shop no.4, Govindpuram, Ghaziabad-201013|
|Galgotia University, Gr. Noida||Sector 17 A Yamuna Expressway Greater Noida|
|Jalpura, Greater Noida||Village- Jalpura, Greater Noida, Gautam Budh Nagar Uttar Pradesh 201306|
|Pratap pur, Prayagraj||Pratap pur, Handia wari Road, Near B.R.C Office, District Prayagraj, Uttar Pradesh-212405|
|Near Kidzee school||221/8 MAIN ROAD,JAGRATI VIHAR,MEERUT, UTTAR PRADESH-250004|
|Opp.Railway station, Sonipat||Shop No.1, Opp.Railway station, Sonipat, Haryana-131001|
|KASAN MANESAR||SHOP NO 2, 129, IMT ,KASAN MANESAR GURUGRAM (H.R) 122051|
|BUDH VIHAR CHHAJARSI NOIDA UPIN||Khasra No. 533, Near Shiv Mandir 25 Futa road, Budh vihar Chhajarsi, Sector-63 Noida, Gautam budh nagar|
RBI announced that it has banned Paytm Payments Bank from onboarding new customers with immediate effect, citing 'material supervisory concerns' observed at the bank. It has also directed the payments bank arm to appoint an external firm to conduct a comprehensive IT audit.
In June 2018, the Reserve Bank of India barred Paytm Payment Bank from opening new customer accounts, following an audit by the Reserve Bank of India, which made some observations about the process the company follows in acquiring new customers and its adherence to KYC norms.
Money transfers through Wallet Payments or UPI Payments using Paytm guarantee safety. They are not only safe but also quick, convenient, and free of cost.
The Reserve Bank of India (RBI) asked Paytm Payments Bank to stop opening new accounts only.
Paytm Payments Bank Debit & ATM Card Every Paytm Payments Bank account holder will be issued a free Digital Debit Card at the time of account opening. Account holders can request for a physical Debit Card through their Paytm App
Cashback is Paytm wallet loyalty cashback given by 'Pay with Paytm' payment platform. It can be used to pay for goods & services sold by merchants that accept.