this time the ED has sent various information about transactions including loans and deposits of Paytm Payments Bank abroad. They have initiated a preliminary investigation against Paytm’s parent company One97 Communications to investigate allegations of violations of the Foreign Exchange Management Act (FEMA). Besides, the ED and the Financial Intelligence Unit have also sought certain information from the Reserve Bank. Incidentally, earlier, however, Paytm had denied the ED investigation against the company and founder Vijay Shekhar Sharma.
At the end of January, the RBI imposed restrictions on most of Paytm Payments Bank’s operations. After February, the agency will not be able to accept new deposits, they said. Can’t deposit extra money in old account. Can’t pay the loan. Cannot transact on services like Wallet, Fastag, National Common Mobility.
