The Reserve Bank of India, under Section 35A of the Banking Regulation Act, 1949, has directed Paytm Payments Bank Ltd to stop on-boarding new customers with immediate effect, the central bank said in a press release. Section 35A of the Banking Regulation Act, 1949 states that the RBI, in public interest or interest of banking policy or to prevent affairs of the concerned company to harm depositors, can issue directions to the said banking companies with which it would be bound to comply. The RBI also directed Paytm Payments Bank Ltd to appoint an IT audit firm to conduct a system audit of its IT system. "On-boarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors," RBI said. This comes a few months…
- PrivacyNama Session: Privacy and Competition; October 7 October 4, 2022
- PrivacyNama Session: Consumer Expectations of Privacy in Commerce and Advertising; October 6 October 4, 2022
- Why did VideoLAN send a legal notice to the Indian government? October 4, 2022
- PrivacyNama Session: Data Protection Regulator Roundtable; October 7 October 4, 2022
- Indian government issues advisory prohibiting surrogate ads by betting platforms October 4, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...