Irregularity at paytm bank

RBI has ordered it to stop onboarding new customers and an IT audit has been ordered.

Can someone please tell what it means for those having an account with them? more  

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RBI has no where stopped the service to existing customers. At best, people such as myself, who operate through Paytm valet will not be allowed to open a bank account even if they intend to do so till the audit is complete and RBI objections are satisfactorily resolved. more  
When RBI initiates such action, there is a signal. Better to close your accounts. more  
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Dear Sir Nothing to worry. It's only for New customers. PFA the commitment of the company Thank you more  
If one uses an app provided by one's bank (SBI, HDFC, etc), or if one uses BHIM app, the transactions are done directly from one's bank acount, and appear in one's bank statement. But when one uses apps like Paytm, Phonepe, Googlepay, etc, one needs to transfer funds either from one's bank account or from one's credit card to start making payments using these apps. Evidently, these transactions do not appear in one's bank transactions & for IT dept, a regular audit is required to be done for all accounts which use such apps. Or else, it becomes an easy way to convert cash into digital transctions, which IT dept will not be able to trace. more  
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