Over 1,000 Paytm Payments Bank users had same PAN linked to their accounts
The RBI action against Paytm Payments Bank was prompted by inadequate Know-Your-Customer (KYC) procedures, which led to transactions worth crores of rupees, NDTV Profit reported. More than 1,000 users were found to have linked the same PAN to their accounts, the report said. Paytm Payments Bank has been barred from accepting deposits in customer accounts and wallets after February 29.