Key Points
The Directorate of Enforcement (ED) sought additional information from the Reserve Bank of India (RBI) less than two months ago, on alleged violation of the Foreign Exchange Management Act (Fema) by individuals and companies using Paytm Payments Bank, people in the know told ET...
Within 10 days, ED wrote back to RBI in December, seeking information on the entities that had allegedly violated Fema...
It is also reliably learnt that ED is likely to write to RBI seeking further information on all entities that may have committed alleged Fema and other violations on other mobile payment platforms, besides Paytm, said another top government official...
The entities (individuals and companies) that purportedly violated Fema norms by sending money abroad using Paytm Payments Bank first need to be investigated....
RBI ordered Paytm Payments Bank on January 31 to stop all basic payment services through various platforms and digital avenues, including the Unified Payments Interface (UPI), with effect from February 29, for not complying with regulations..
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15, Feb, 24Paytm Payments Bank executives provided information and documents sought by the agency. ED has asked them to furnish more details by next week, sources said. The executives were summoned as “part of the procedure” that needs to be followed once a Fema investigation is launched.
RBI to approach NHAI, NPCI to discuss alternate plans for Paytm Payments Bank users: Report
09, Feb, 24In its notice to Paytm Payments Bank, the central bank has directed it not to accept top-ups or deposits in any customer accounts including wallets, FASTags, and other instruments after February 29
Paytm Payments Bank crisis: Separate FAQ to come out on fintechs soon, says RBI Guv
08, Feb, 24Paytm Payments Bank crisis latest: The central bank, on January 31, ordered Paytm's banking unit Paytm Payments Bank Ltd (PPBL) to stop its mobile wallet business along with other activities.
After series of ‘violations’, Paytm may lose Payments Bank licence
03, Feb, 24Few months ago, the RBI had alerted the Directorate of Enforcement of about possible money laundering and know-your-customer (KYC) violations at Paytm. Now, Paytm might be staring at losing its payments bank licence.
No foreign remittances licence, no Fema violation: Paytm to ED
26, Feb, 24Paytm Payments Bank has denied Fema violation as it lacks licence for foreign remittances, said sources to ET. ED has written to RBI. The federal agency recently obtained the additional data requested from RBI regarding entities allegedly involved in Fema violations through Paytm Payments bank. However, upon reviewing the data provided by the RBI, the agency has not found any apparent Fema violations by Paytm Payments Bank, according to the sources.
Paytm Payments Bank independent director Manju Agarwal resigns after RBI action: Report
09, Feb, 24Paytm crisis: Manju Agarwal who was serving in the board since May 2021 resigned from the board with immediate effect on February 1.
Paytm Payments Bank says no FEMA violations, it doesn’t have foreign remittances licence
26, Feb, 24Paytm crisis: The ED asked RBI to provide details of the companies and individuals who may have violated FEMA norms on platforms other than Paytm Payments Bank.
Paytm Bank gets a knock on the door from ED
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ED questions Paytm officials, gets documents on RBI action: Report
15, Feb, 24The ED is conducting preliminary probe before deciding to formally launch an investigation into alleged irregularities under the Foreign Exchange Management Act
FM Nirmala Sitharaman to meet fintech heads next week
19, Feb, 24Finance Minister Nirmala Sitharaman will convene a meeting with fintech leaders, RBI officials, and representatives from key ministries on February 26 to address concerns following regulatory action against Paytm Payments Bank. The government aims to reassure the fintech industry of its priority status and understand their apprehensions. The meeting will involve officials from finance, information technology, and DPIIT.