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India central bank allows Paytm Payments Bank to resume adding customer accounts

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India central bank allows Paytm Payments Bank to resume adding customer accounts

India's central bank allowed Paytm Payments Bank Ltd. to resume opening accounts for new customers after prohibiting it from doing so in June 2018, The Economic Times reported Jan. 1, citing a spokesperson for the company.

The bank plans to start carrying out know-your-customer, or KYC, procedures for its wallets and bank accounts from Dec. 31, 2018, the spokesperson said, adding that the bank has set a target of increasing the number of bank accounts to 100 million by end-2019 from around 42 million currently.

In June 2018, the central bank asked Paytm Payments Bank to stop adding new customers and remove its CEO after an audit found lapses in the bank's process to enroll new customers and its adherence to KYC norms.