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Paytm controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2024

    Reserve Bank of India action against Paytm Payments Bank

    The Reserve Bank of India imposed restrictions on Paytm Payments Bank under Section 35A of the Banking Regulation Act. The directions restricted further deposits, credit transactions and top-ups in customer accounts, prepaid instruments, wallets, FASTags and related products after the applicable deadline. The RBI also required changes to nodal-account arrangements involving One 97 Communications and Paytm Payments Services. The action was linked to persistent supervisory and compliance concerns and became the defining regulatory crisis in Paytm’s history.

    Source

  2. 2020

    Report alleges Paytm Mall data breach; Paytm Mall denies it

    Issue disclosure

    A report citing cybersecurity firm Cyble alleged that Paytm Mall suffered a major database breach and that a cybercrime group demanded ransom. The report said the claims of an insider's involvement were unverified. Paytm Mall said its investigation found no evidence of a breach and called the claims false.

    Company response

    • Investigation — Paytm Mall

      We have noted and investigated the claims of a possible hack and data breach

    • Denial — Paytm Mall

      these are absolutely false

    • Denial — Paytm Mall

      A Paytm Mall spokesperson told it that claims are "absolutely false...we would like to add that all users, as well as company data, are completely safe and secure".

    • Investigation — Paytm Mall

      The Paytm Mall spokesperson said the company investigated the claims of possible cyber attack and data breach but found nothing.

    Source excerpt

    • The claims, however, are unverified, but possible,
    • Paytm Mall, the e-commerce arm of unicorn Paytm, has suffered a "massive" data breach and a cybercrime group has demanded ransom as it has gained unrestricted access to the platform's entire database, according to a report by cyber security intelligence firm Cyble.
    • The Paytm Mall spokesperson said the company investigated the claims of possible cyber attack and data breach but found nothing.
    Source