A few days ago, the Reserve Bank of India (RBI) restricted Paytm Payment Banks from acquiring new customers. The RBI alleged that Paytm Payments Bank allowed the customer data to servers situated in China. According to the RBI report: “Annual inspections by the Reserve Bank of India [RBI] found that the company’s servers were sharing information with China-based entities that indirectly own a stake in Paytm Payments Bank.” In return for the allegations against them, a spokesperson of One 97 Communications, the parent company of Paytm completely denied the allegations against the Company. The spokesperson in a statement said: “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.” On Monday, shares of Paytm fell by 12% to an all-time low of ₹680.