The company categorically states that claims of Chinese data leak are completely false and sensationalist
New Delhi, NFAPost: India’s homegrown Paytm Payments Bank Ltd (PPBL) has made it clear that entire data of the company resides in India and it is in safe custody and there is no need of any apprehension.
In a statement, the company said it 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,” states the company official.
Source-based media reports claiming data leaks 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 sensationalising.
“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,” states Paytm Payments Bank spokesperson.
The Bank is taking immediate steps regarding the RBI’s decision. The company made it clear that 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,” states Paytm Payments Bank spokesperson.
The bank remains fully committed to maintaining high standards of compliance and continues to promote digital banking services for all.
Paytm is India’s leading digital payments and financial services company, which is focused on driving consumers and merchants to its platform by offering them a variety of payment use cases and then cross-selling them higher margin financial services products.
Paytm offers a) payments to consumers and merchants, b) financial services, particularly lending, and c) other merchant services (Commerce and Cloud). The company provides consumers with services like utility payments and money transfers, while empowering them to pay via Paytm Payment Instruments (PPI) like Paytm Wallet, Paytm UPI, Paytm Payments Bank Netbanking, Paytm FASTag and Paytm Postpaid – Buy Now, Pay Later.
To merchants, Paytm offers acquiring devices like Soundbox, EDC, QR and Payment Gateway where payment aggregation is done through PPI and also other banks’ financial instruments. To further enhance merchants’ business, Paytm offers merchants commerce services through advertising and Paytm Mini app store. Operating on this platform leverage, the company then offers credit services such as merchant loans, personal loans and BNPL, sourced by its financial partners.