Paytm Payments Bank still to appoint firm for IT audit: MoS

The Paytm Payments Bank has not yet appointed a firm which will conduct an audit of its information technology (IT) systems, minister of state for finance Bhagwat Karad said in the Lok Sabha on Monday.

"The Reserve Bank of India (rbi) 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.

On March 11, the Reserve Bank of India had barred SoftBank-backed Paytm Payments Bank from adding new customers due to likely gaps in its technology systems.

The RBI is keen on building a failsafe payments system in India where transactions are being increasingly done digitally.