Charges Against Paytm Payments Bank To Be Probed By Enforcement Directorate
NDTV
The investigation adds to Paytm CEO Vijay Shekhar Sharma's headaches after the RBI last month barred PBBL from credit transactions across most of its services.
The Enforcement Directorate has launched a money laundering probe against digital payments Paytm Payments Bank Ltd, sources told NDTV Wednesday afternoon. The firm faces scrutiny over alleged violation of foreign exchange rules; Paytm has called these claims "factually incorrect".
The investigation will add to Paytm CEO Vijay Shekhar Sharma's headaches after the Reserve Bank of India last month barred PBBL from credit transactions across most of its services, effectively shutting down most of its operations, including its popular digital wallet, citing "persistent non-compliance".
In addition, nodal accounts of parent company, One97 Communications Ltd., and Paytm Payments Bank Ltd., or PBBL, were terminated. Customers can, however, continue to utilise account balances, including savings and current, "without restriction (and) up to available limit", the RBI order said.
