Payment giant Paytm's transaction processing arm Paytm Payments Bank was recently directed to not take on new customers over the company's failure to comply with rules about data. In addition, Paytm Payments Bank also didn't verify its customers properly, annual inspections by India's central authority the Reserve Bank of India found. It turns out that Paytm was also allowing its servers to share information with entities based out of China. These included ones that indirectly had a stake in Paytm Payments Bank. In this episode of the Business Tit-Bits, our Business editor Mr Akhilesh Bhargava shares his take on the matter.
Business Tit-Bits: Chinese Connects, PayTM Is Not The Only one
Payment giant Paytm's transaction processing arm Paytm Payments Bank was recently directed to not take on new customers over the company's failure to comply with rules about data. In addition, Paytm Payments Bank also didn't verify its customers properly, annual inspections by India's central authority the Reserve Bank of India found. It turns out that Paytm was also allowing its servers to share information with entities based out of China. These included ones that indirectly had a stake in Paytm Payments Bank. In this episode of the Business Tit-Bits, our Business editor Mr Akhilesh Bhargava shares his take on the matter.