Is Paytm Payments Bank share your data to China?

Paytm Payments Bank spokesperson has completely denied the data leak and says that the data leak of Chinese firms on Paytm Bank in Bloomberg’s report is completely wrong. The Reserve Bank of India (RBI) last week ordered Paytm Payments Bank to immediately shut down new users over “certain material supervisory concerns observed at the bank”. The latest Bloomberg report revealed that the payments bank was sharing information with Chinese entities. These entities have indirect stake in Paytm Bank, which is against RBI guidelines. But the type of data shared with China was not disclosed in this report. However, Paytm dismissed the data leak claim.  RBI last week, exercising its powers, prohibited Paytm Payments Bank Ltd from adding new customers under Section 35 of the Banking Regulation Act, 1949. New customers can be added to Paytm Payments Bank Ltd only when the Reserve Bank of India reviews the reports of IT auditors and gives permission to the company for this.

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