The banking sector regulator, in an order dated March 11, had directed the Vijay Shekhar Sharma-led payments bank to stop adding new customers with immediate effect while also asking it to appoint an IT audit firm to conduct a comprehensive audit of the IT system of the payments bank.
Representatives of SoftBank Group Corp will step down from the boards of Indian digital payments firm Paytm and the parent of online insurance aggregator Policybazaar, a person with direct knowledge of the matter said.
The latest tumble in the company’s share price is on account of a ban by the Reserve Bank of India on Paytm Payments Bank from onboarding any new customers.
