Paytm Payments Bank rejects report claiming it shared info with China-based entities

New Delhi, March 14

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.

Sharma holds 51 per cent stake in Paytm Payments Bank (PPBL), while the remaining 49 per cent is held by One97 Communications.

China-based Alibaba group is the biggest shareholder in One97 Communications with about 31 per cent stake through its subsidiaries.

Shares of One97 Communications declined by 12.84 per cent to settle at Rs 675.35. On NSE, the stock tumbled 12.21 per cent to close at Rs 680.40.