2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Section 35 A
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Section 25 A
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Section 31 A
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Section 27 A
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Detailed explanation-1: -The RBI has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers,” a press release from RBI said.
Detailed explanation-2: -In March 2022, the RBI ordered a comprehensive audit of Paytm Payment Banks’ IT systems, citing “material” supervisory concerns, and directed it to stop onboarding new customers.
Detailed explanation-3: -“The RBI has, today, in exercise of its powers, inter alia, under Section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank to stop, with immediate effect, onboarding of new customers,” it said.
Detailed explanation-4: -The Reserve Bank of India (RBI) has rejected the application of Paytm Payments Services (PPSL) for licence to operate as a payment aggregator, the company informed the bourses on November 26. The fintech company’s subsidiary had applied for authorisation to provide payment aggregator (PA) services for online merchants.