Paytm Payments Bank Ltd. has floated a request for a proposal to external auditors, according to four people with knowledge of the matter.
The bank has floated this RFP on a restricted basis to external auditors and hence, it is not available in the public domain, as the people quoted above said on the condition of anonymity.
The purpose behind this RFP is an audit of the bank for compliance and the know-your-customer process, according to three people quoted above. By initiating this audit, Paytm Payments Bank also wants to show the Reserve Bank of India that it is compliant in all ways, as the first person quoted above said.
On Jan. 31, RBI cracked down on the associate company of One97 Communications Ltd. for "persistent non-compliance" and major "supervisory concerns." In its orders, the regulator said that Paytm Payments Bank can't accept fresh deposits, top-ups or credit transactions in its accounts after Feb. 29
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