News Wrap March 11: RBI bans Paytm Bank from adding new customers; IIP rises 1.3% in Jan; Bhagwant Mann to take oath as Punjab CM on March 16

In a setback for digital financial services firm Paytm Payment Bank, the Reserve Bank of India (RBI) on Friday has directed the bank to stop onboarding new customers with immediate effect. Meanwhile, India's industrial production expanded by 1.3 percent in January on an annual basis majorly due to improved performance of mining and manufacturing sectors. Bhagwant Mann will take oath as the chief minister of Punjab on March 16 in presence of the party's national convener Arvind Kejriwal.

Based on certain material supervisory concerns observed in the bank, the Reserve Bank of India (RBI) has directed Paytm Payments Bank to stop onboarding new customers with immediate effect and appoint an information technology audit firm to conduct a comprehensive system audit of its IT system. Read more

India's industrial production expanded by 1.3 percent in January on an annual basis after contracting by 0.7 percent in December 2021, which was a 10-month low. The Index of Industrial Production (IIP) had contracted 0.6 percent in January 2021. Check details