- The bank is fully compliant with RBI’s directions on data localisation and all of the users’ data resides within India.
NE BUSINESS BUREAU
MUMBAI, MARCH 14
Paytm Payments Bank data resides within India, claims of Chinese data leak are completely false and sensationalist, says a senior official of the bank.
India’s homegrown Paytm Payments Bank is proud to be a true believer and enabler of the Digital India initiative and is committed to driving financial inclusion in the country. The Bank is bringing access to digital banking to the underserved and unserved population in India.
Source-based media reports claiming data leak to Chinese firms are completely false, inaccurate and unverified. The bank is fully compliant with RBI’s directions on data localisation and all of the users’ data resides within India.
Paytm Payments Bank spokesperson said, “The recent Bloomberg report on Paytm Payments Bank claiming data leak to Chinese firms is completely false and simply sensationalizing. Paytm Payments Bank is proud to be a completely homegrown bank and is fully compliant with RBI’s directions on data localisation. 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.”
The Bank is taking immediate steps regarding the RBI’s decision. PPBL remains committed to working with the regulator to address their concerns as quickly as possible. PPBL’s existing customers can continue to enjoy the benefits of seamless banking and digital payments services without interruption. The savings of existing users in their PPBL account, their fixed deposits with partnered banks and the balance maintained in their Paytm Wallet, FASTag or Wallet Card and UPI services are completely safe and functional.
The bank remains fully committed to maintaining high standards of compliance and continues to promote digital banking services for all.
