Paytm Payments Bank’s troubles are showing no sign of abating. First, the Reserve Bank of India (RBI) has announced restrictions. According to RBI, Paytm Payments Bank has violated the rules. Therefore this step had to be taken. Regarding this, RBI has given strict instructions that many services of Paytm will be stopped from 29th February. Apart from this, on Saturday (February 3), Revenue Secretary Sanjay Malhotra told Reuters that if any new allegations of misappropriation of funds are found on Paytm Payments Bank, then India’s Enforcement Directorate agency (ED) fighting financial crime will investigate Paytm Payments Bank. Will do.
The Reserve Bank of India (RBI) on Wednesday ordered One97 Communications’ payments bank unit Paytm to stop accepting new deposits in its accounts or popular wallets from March. On this, today i.e. on Saturday, Revenue Secretary Sanjay Malhotra said that if any new allegation of money laundering is made against Paytm by RBI, then it will be investigated by the Enforcement Directorate. Earlier on Saturday, Bloomberg news agency had reported that The Reserve Bank of India (RBI) is considering terminating the license of Paytm Payments Bank Limited early next month.
Paytm on target of RBI
SoftBank Group Corp-backed Paytm has been in the RBI’s crosshairs for some time now, with several warnings over the past two years about suspicious transactions between its popular payments app and its lesser-known banking arm. The RBI this week shocked the finance and tech industries by suddenly suspending most of the payments bank’s business, but revoking licenses will be seen as a more serious step.
Earlier, citing sources, the news agency said the RBI wants to protect depositors first and may take action after the February 29 deadline, when Paytm Payments Bank will allow customers to top up their savings accounts or the popular digital payment wallet. Must be stopped from.
