Paytm Payments Bank allowed servers to share data with China-based firms, RBI inspections found

Paytm Payments Bank on Monday said it is fully compliant with the data localisation rules of the Reserve Bank of India and the entire data of the bank resides in the country.

The RBI last week directed Vijay Shekhar Sharma- promoted Paytm Payments Bank Ltd (PPBL) to stop opening new accounts amid "material supervisory concerns" observed in the bank.

"All of the Bank's data resides within the country. We are true believers of the Digital India initiative, and remain committed to driving financial inclusion in the country," PPBL said in a statement.