How the RBI began to examine Paytm Payments Bank: 1,000 or more accounts connected to a single PAN
According to sources, the RBI is worried that money laundering may have taken place in some of the accounts. Nonetheless, the business said that the ED is not currently looking into it or its founder, Sharma. Given Paytm's substantial user base, Financial Services Secretary Vivek Joshi hinted that the RBI would provide some clarity in the matter, adding that the banking authority has acted to safeguard consumers.
The Reserve Bank of India (RBI) banned Paytm Payments Bank Ltd (PPBL) last week from taking any more deposits or top-ups in wallets, prepaid cards, user accounts, or FASTags after February 29, 2024. Restrictions imposed by the regulatory actions effectively stop Paytm’s deposit activities in wallets, payments banks, FASTags, and National Common Mobility Cards.
However, the reason behind the severity of the RBI action so far has not been clear. Now it reportedly seems that Paytm Payments Bank crisis may be the result of KYC issues. One of the main causes of the Reserve Bank of India’s (RBI) restrictions on Paytm Payments Bank was, according to an NDTV investigation, the creation of hundreds of accounts on the platform without the required identity. Reporters who are acquainted with the situation are quoted. There are concerns about possible money laundering since these accounts with incorrect Know-Your-Customer (KYC) are said to have made transactions on the site worth crores of rupees.
The Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank due in large part to hundreds of accounts being opened without the required identity, according to an NDTV report. Reporters who have knowledge of the situation are quoted. It is claimed that these accounts with incorrect Know-Your-Customer (KYC) have transacted transactions on the site worth crores of rupees, raising concerns about possible money laundering. It was discovered that over one thousand individuals had connected their accounts to the same Permanent Account Number (PAN). It is alleged that throughout RBI and auditor verification procedures, the bank’s compliance was submitted in error. Sources claim that a “unusually” large number of inactive accounts were also discovered. The RBI notified the Enforcement Directorate (ED) a few months ago about potential breaches of anti-money laundering laws and know-your-customer (KYC) standards at Paytm, according to a story published on February 3 in TOI’s sister journal Economic Times.
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