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Description: 00:00 What Happened with Paytm Payment Bank? 00:39 What is Payment Bank in India? 03:24 RBI’s Data Storage Guidelines. 05:30 KYC Rule Violated by Paytm Payment Bank. 08:06 Impact on Paytm's share. Paytm Payments Bank, which processes transactions for India’s digital payments giant Paytm, was barred from taking on new customers because it violated rules by allowing data to flow to servers abroad and didn’t properly verify its customers, according to a person familiar with the matter. Annual inspections by the Reserve Bank of India found that the company’s servers were sharing information with China-based entities that indirectly own a stake in Paytm Payments Bank, the person said, asking not to be identified as the details are private. Paytm Payments Bank, being a regulated financial institution, was required to maintain a so-called service level agreement with its technology vendor that would ringfence the entity from its owners. The location of the servers wasn’t immediately known and there’s no implication that Paytm Payments Bank was storing information abroad. Paytm Payments Bank had also onboarded thousands of clients without adequate know-your-customer documentation and the concern was that some of these could have been mules for money laundering Paytm Payments Bank is a joint venture between Paytm and Sharma. China’s Alibaba Group Holding Ltd. and its affiliate, Jack Ma’s Ant Group Co., own shares of Paytm, according to exchange filings. In a statement late Friday, the RBI had cited “material supervisory concerns” for its action, without elaborating. Shares of Paytm, formally known as One 97 Communications Ltd., tumbled as much as 14.7% While the RBI had similarly punished companies including American Express Banking Corp. and Mastercard Inc. for flouting data-storage rules, the concerns around Paytm Payments Bank are particularly sensitive given India’s hostile political relationship with China Copyright Disclaimer: - Some contents are used for educational purposes under fair use. Copyright Disclaimer under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statutes that might otherwise be infringing. Non-profit, educational, or personal use tips the balance in favor of fair use.