paytm data leak: Paytm users in danger! Shocking news surfaced, even you did not register in the app – is paytm payments bank sending your data to china? company refutes data leak claims

new Delhi. Last week, the Reserve Bank of India (RBI) prohibited Paytm Payments Bank from onboarding new users. According to the latest Bloomberg report, the payments bank was sharing information with Chinese entities. China has indirect stake in Paytm Payments Bank, which is against RBI guidelines. The report did not specify the type of data shared with China.

As per RBI guidelines, all payment companies operating in the country should ensure that the transaction data is exclusively saved in the local server.

Paytm denies claims of data leak

Commenting on the matter, Paytm Payments Bank spokesperson has vehemently denied the data leak claims. It has also said that in the recent Bloomberg report of Paytm Payments Bank, the claim of data leak by Chinese firms is completely false and it is only sensational.

RBI instructions to Paytm Payments Bank

The RBI directive issued last week said, “In exercise of its power, inter alia, under section 35A of the Banking Regulation Act, 1949, Paytm Payments Bank Ltd. is hereby restrained with immediate effect to Unable to onboard any new customers.

Paytm Payments spokesperson said, “We assure you that the recent RBI direction will not affect our existing customers in any way and they can continue to use our banking services uninterrupted. We are taking necessary steps. Committed to comply with RBI’s instructions and minimize any inconvenience caused to our customers.”