Tech

No investor has access to payment bank data – Paytm CEO Sharma

FILE PHOTO: Vijay Shekhar Sharma, founder of Paytm's parent company One97 Communications, speaks during the launch of a Citibank and Paytm credit card in Mumbai
FILE PHOTO: Vijay Shekhar Sharma, founder of Paytm’s parent company One97 Communications, speaks during the launch of a Citibank and Paytm credit card in Mumbai, India May 14, 2019. REUTERS/Francis Mascarenhas

March 14, 2022

By Aditya Kalra

NEW DELHI (Reuters) – Investors in India’s Paytm do not have access to its payment bank’s customer data, its CEO said in an interview with Reuters on Monday, to allay concerns over reports of user data being leaked to Chinese firms.

The Reserve Bank of India last week banned Paytm Payments Bank from taking on new customers and ordered a full audit of its IT systems, citing “material” regulatory concerns observed at the bank without further elaborating.

Paytm has denied a Bloomberg news report that RBI on Monday found that Paytm Payments Bank’s servers share information with China-based companies that indirectly own a stake in the firm.

In an interview with Reuters, Paytm CEO Vijay Shekhar Sharma said: “There is no access to bank customer data for anyone, not an investor.”

Sharma added Paytm is confident of addressing RBI’s concerns at the earliest.

(Reporting by Aditya Kalra in New Delhi; Editing by Sanjeev Miglani)

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Emma Bowman

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