Paytm bank yet to appoint IT auditor

Paytm Payments Bank is yet to appoint a firm to conduct an audit of its information technology (IT) systems, minister of state for finance Bhagwat Karad told the Lok Sabha.

“The RBI (Reserve Bank of India) has further informed that the Paytm Payments Bank Limited has not yet appointed the IT audit firm to conduct a comprehensive System Audit of the IT system of the bank,” Karad said.

The RBI on March 11 barred SoftBank-backed Paytm Payments Bank from adding new customers due to likely gaps in its technology systems.

“Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by the Reserve Bank of India (RBI) after reviewing (the) report of the IT auditors,” the central bank said in a statement.