PaytmBank Paytm Payments Bank says its data resides within India, claims of Chinese data leak are completely 'false and sensationalist'
New Delhi: Paytm Payments Bank on Monday refuted media reports which claimed that data leak to Chinese firms are completely false, inaccurate and unverified.
"Source-based media reports claiming data leak to Chinese firms are completely false, inaccurate and unverified," the company said in a statement.
The bank said it 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 sensationalizing. 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.”
The Bank said it is taking immediate steps regarding the RBI’s decision.
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.
The bank said it remains fully committed to maintaining high standards of compliance and continues to promote digital banking services for all.
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