INSUBCONTINENT EXCLUSIVE:
Including Monday's losses, Paytm shares have fallen more than 68 per cent to Rs 680.40.New Delhi:
Paytm Payments
Bank, which processes transactions for digital payments giant Paytm, said today a report claiming it had leaked data to Chinese firms is
"false and sensationalist." Last week, the RBI had told Paytm to stop enrolling new customers
News agency Bloomberg had reported that the RBI or Reserve Bank of India had found the company's servers sharing information with
China-based entities that indirectly own a stake in the Paytm payments bank.The company put out a denial today
All of the Bank's data resides within India," the company said
The RBI is yet to comment.On Friday, the Reserve Bank had told Paytm to stop enrolling new customers and ordered an audit of its IT systems,
citing "certain material supervisory concerns observed in the bank".RBI had said it will allow Paytm Bank to onboard new customers subject
to specific permission after reviewing the IT auditor's report.Paytm shares dropped after the RBI move
briefly detained after he allegedly rammed a policeman's car and fled.Mr Sharma owns 51 per cent of Paytm Payments Bank, while Paytm parent
One97 Communications holds the rest.Paytm characterised the accident as a "minor offence"
Shares of the company tumbled more than 13 per cent on Monday.Paytm made its debut in November last year in the country's biggest-ever
2,150.Paytm Payments Bank had received the central bank's approval in December 2021 to function as a scheduled payments bank, helping it
expand its financial services operations.
