Village Voice News

Under ED’s scrutiny, agency requests RBI documents for an investigation

<p>An investigation against Paytm has been started by the Enforcement Directorate. Officials from the Finance Ministry informed CNN-News18 that the RBI had sent a case to the ED, after which an investigation had been opened.</p>
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<p>According to the most recent development, CNN-News18 has gathered that the ED has requested Paytm documentation from the RBI, and a decision about the registration of an ECIR would be made after examination.</p>
<p>Prior to this, One97 Communications—the parent company of payments solutions provider Paytm—explained on February 4 that the ED is not conducting an inquiry against the company or any of its affiliated companies.</p>
<p>Paytm Payments Bank was prohibited by RBI on January 31 from accepting deposits, credits, or top-up transactions in its client accounts due to alleged “persistent non-compliance.”</p>
<p>As of February 29, the bank is also not permitted to handle financial transfers or other banking services like UPI capabilities.</p>
<p>Paytm is being investigated for possible abuse of the Paytm Payment Bank and violations of the Foreign Exchange Management Act (FEMA).</p>