India’s central bank has barred Paytm Payments Bank, majority owned by billionaire Vijay Shekhar Sharma, from taking on new customers and ordered a comprehensive audit of its IT systems, citing “material” supervisory concerns observed in the bank.
Sharma, founder of payments giant Paytm formally known as One97 Communications, owns 51% of Paytm Payments Bank, while One97 holds the rest.
