Stock Report

Paytm Payments Bank denies concern of data leak to Chinese firms, confirms that all data resides within India

Posted On : 2022-03-15 07:46:45( TIMEZONE : IST )

One 97 Communications Limited has in an update to stock exchanges said that it has been informed by its associate, Paytm Payments Bank Limited ("PPBL"), that the regulator has not expressed any concerns regarding data leak or access shared with any Chinese firms. PPBL's data servers are located within India and it proudly supports data localization. The Reserve Bank of India ("RBI") directive to PPBL to temporarily halt onboarding of new customers, via a letter dated March 11, 2022, is not regarding any data leak to any foreign national or firms. PPBL remains committed to working with the regulator to address their concerns as quickly as possible.

PPBL has further informed the company that source-based media reports claiming data leak 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.

The company would also like to place on record that Paytm Payments Bank is a regulated entity and operates independently.

Following is the statement issued by Paytm Payments Bank to the media:

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 Company would like to reiterate that this does not impact any existing customers of PPBL, who can continue to use all banking and payment services without interruption. All existing users of Paytm UPI, Paytm Wallet, Paytm FASTag, and bank accounts can continue to use these instruments, including debit cards and net banking, for payments. New users can also sign up on the Paytm app, and transact by a) creating UPI handles and linking them to their bank accounts, or b) by using third party payment instruments, for transactions on the Paytm app. Users can not, until further notice, sign up for new PPBL wallets or PPBL savings or current accounts. Paytm believes that the measures imposed upon PPBL will not materially impact Paytm's overall business.

Shares of One 97 Communications Limited was last trading in BSE at Rs. 675.35 as compared to the previous close of Rs. 774.80. The total number of shares traded during the day was 753057 in over 36474 trades.

The stock hit an intraday high of Rs. 719.20 and intraday low of 662.25. The net turnover during the day was Rs. 517431084.00.