Paytm Payments Bank stopped by RBI from onboarding new customers

RBI has directed Paytm Payments Bank Ltd to stop onboarding of new customers with immediate effect. "The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system," an order read. "Onboarding of new customers...will be subject to specific permission granted by RBI after reviewing report of...IT auditors," it said.