ED Take Action On Paytm: Could the ED go into Paytm for Possible Money Laundering?

ED Take Action On Paytm: Paytm Payments Bank’s problems aren’t getting any better. The prohibition was previously imposed by RBI. ED has now also begun to monitor the firm. Let us examine the issue in its entirety.

ED Take Action On Paytm

The issues facing Paytm Payments Bank are not getting any better. The RBI has issued the prohibition earlier. ED has now begun monitoring the firm as well. Revenue Secretary Sanjay Malhotra reportedly told the Reuters news agency that the Enforcement Directorate (ED) will look into any fresh claims of money laundering or theft of funds made against Paytm by the RBI. Will. Let us inform you that the Reserve Bank of India (RBI) is thinking about revoking Paytm Payments Bank Limited’s license at the start of next month, according to information obtained by the Bloomberg news agency earlier on Saturday.

In What Sequence is it?

The RBI may intervene beyond the deadline of February 29 in order to safeguard depositors first. Customers of Paytm Payments Bank will now be prohibited from utilizing digital payment wallets or savings accounts. The popular payments app Paytm, which is owned by SoftBank Group Corp, has been the target of regulatory attention for some time now. Over the last two years, the RBI has issued many warnings over suspicious transactions involving the app and its banking division. The majority of payment banks’ operations have been prohibited by an order issued by the RBI, which will have an impact on millions of consumers.

Paytm Founder Vijay Shekhar Sharma Had Issued a Statement

Regarding the Paytm case, the company’s founder, Vijay Shekhar Sharma, stated in a statement that Paytm is working with other banks and is taking action to comply with the judgment. The creator of Paytm spoke to reporters during a virtual press conference that Paytm and One 97 Communications Limited (OCL) are now working on moving the nodal accounts to other banks.

According to Vijay, the RBI has not supplied any more information to us (Paytm). Paytm views this as nothing more than a minor hiccup. However, we are confident in the banks’ cooperation, and we will be able to see it over the next days.

For Individuals Who Purchase Shares Using The Paytm App, What Will Happen?

Bhavesh Gupta, President and COO, said that the organization collaborates with several additional partners. He said that as the insurance and equities sectors operate separately, the RBI’s decision would not have an impact on them.

Paytm Postpaid Being Blocked Without Any Apparent Reason

Today, multiple users including me experienced issue with Paytm Postpaid being blocked without any apparent reason.

As a longstanding customer of Paytm, this is utterly disappointing.

The company should issue a clear statement if there's a glitch.

I am confident there is an… pic.twitter.com/Bw4WLL3CNf

— Divya Gandotra Tandon (@divya_gandotra) November 30, 2023

Paytm X (Twitter) Handle Update

Your favourite #Paytm app and its services are fully operational, and will continue to work even after Feb 29th 🇮🇳 #PaytmKaro pic.twitter.com/U7gSdRGBAF

— Paytm (@Paytm) February 3, 2024

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