Due to money laundering concerns Paytm Bank ban; KYC irregularities; 31 crore e-wallets deactivated
Paytm: RBI said that Paytm Payments Bank customers will be allowed to withdraw or use bank account balances without any restriction. One97 Communications has Paytm Payments Bank Ltd. Has a 49 percent stake.
Money laundering concerns and suspicious transactions worth hundreds of crores of rupees between wallet Paytm and its banking arm led the Reserve Bank of India to crack down on entities run by Vijay Shekhar Sharma. Sources gave this information.
The RBI has given Paytm Payments Bank Ltd (PPBL) permission to carry out the majority of its operations, such as receiving extra Fastag deposits, credit transactions, and top-ups on all customer accounts, prepaid devices, wallets, and cards for road toll payment after February 29. told to cease. The RBI claims that this action was taken in response to the external auditors' comprehensive system audit report and compliance verification report. These reports sparked worries about the payments bank's ongoing disregard for rules and material oversight. Before March 11, 2022, RBI had prohibited PPBL from accepting new clients with immediate effect.
RBI said that Paytm Payments Bank customers will be allowed to withdraw or use bank account balances without any restriction. One97 Communications has Paytm Payments Bank Ltd. has a 49 per cent stake.
Sources said an unusually large number of uses are suspected to be for fake accounts. In such a situation, there have been major irregularities in KYC, due to which customers, depositors and wallet holders faced serious risks.
