India: Paytm payments bank says central bank may lift curbs in 3-5 months

Paytm Payments Bank, launched Tuesday in Noida, plans 31 branches and 3,000 customer service points in the first year. Photo: Ramesh Pathania/Mint

India’s Paytm Payments Bank, which facilitates transactions on mobile commerce platform Paytm, expects the central bank to allow it to resume taking on new customers in the next few months, a top executive told Reuters.

In March, the Reserve Bank of India ordered a comprehensive audit of the company’s IT systems, citing “material” supervisory concerns, without elaborating further, and barring it from taking on new customers.

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