ED starts preliminary probe into Paytm Payments Bank after RBI’s decision | Company News – Business Standard

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Paytm and the Enforcement Directorate did not immediately respond to Reuters’ requests for comment.


India’s financial crime fighting agency has started a preliminary inquiry into Paytm Payments Bank, local broadcaster CNBC-TV18 reported on Wednesday, citing sources.


That comes two weeks after the country’s central bank ordered Paytm Payments Bank, an affiliate of Paytm to shut most of its business, including deposits, credit products and its popular digital wallets, by the end of February, citing “persistent non-compliance.”


“We have always complied with the requirements dutifully,” Paytm told CNBC-TV18. The report has no further details on the probe.


Paytm and the Enforcement Directorate did not immediately respond to Reuters’ requests for comment.


Reuters reported last week that Enforcement Directorate was investigating if Paytm and its banking associate were involved in violations of foreign exchange rules, allegations which the payments firm denied.


Since the central bank clampdown, Paytm has lost nearly 55% of its market value. The company’s shares fell nearly 10% on Wednesday.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Feb 14 2024 | 1:49 PM IST

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