Key Points
The Reserve Bank of India (RBI) alerted the Directorate of Enforcement (ED) a few months ago about possible money laundering and know-your-customer (KYC) violations at Paytm, and the fintech services provider may lose its payments bank licence, given infringements flagged by the banking regulator over the past few years, people familiar with the matter told ET...
Additionally, the home ministry had alerted the Prime Ministers Office about security concerns related to fund flows into and out of the entity with links to China, they said.. Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisit..
Concerns have been flagged to ED There was gross violation of anti-money laundering provisions and KYC norms, said one of the persons aware of the details..
In an order issued on January 31, RBI asked Paytm Payments Bank to stop all basic payment services through various platforms and technology railroads, including the Unified Payments Interface (UPI), Immediate Payment Service (IMPS), Aadhaar-Enabled Payment System (AEPS) as well as bill payment transactions, with effect from February 29...
In 2022, an RBI inspection found that many of the compliance reports that the payments bank was submitting were not in line with requirements and, in some cases, there were outright false claims...
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