Paytm Payments Bank receives formal nod from RBI, resumes KYC, onboarding process

Thursday 3 January 2019 14:11 CET | News

Paytm Payments Bank (PPBL) has resumed KYC process as well as onboarding new customers after receiving a formal nod from the Reserve Bank of India (RBI).

In June 2018, PPBL was asked to stop adding new customers after an audit by the RBI that made some observations about the bank’s KYC processes. According to a bank’s stateteme, PPBL can start onboarding new customers while resuming KYC for the bank as well as wallet customers starting from December 31, 2018.

The statement added that potential customers would now be able to open their savings or current account with PPBL. Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.

PPBL aims to acquire 100 million additional customers by the end of 2019.

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Keywords: Paytm Payments Bank, RBI, India, KYC, onboarding
Countries: World