Question

    RBI recently directed Paytm Payments Bank Ltd to stop

    the onboarding of new customers with immediate effect. The RBI took the decision in exercise of its powers under section ____ of the Banking Regulation Act, 1949.
    A 10B Correct Answer Incorrect Answer
    B 21A Correct Answer Incorrect Answer
    C 34A Correct Answer Incorrect Answer
    D 35A Correct Answer Incorrect Answer
    E 36A Correct Answer Incorrect Answer

    Solution

    RBI recently directed Paytm Payments Bank Ltd to stop the onboarding of new customers with immediate effect. The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. The RBI took the decision in exercise of its powers under section 35A of the Banking Regulation Act, 1949.

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