Brief by Shorts91 Newsdesk / 09:51am on 14 Feb 2024,Wednesday Business
The Enforcement Directorate (ED) has launched a preliminary inquiry into Paytm Payments Bank following the Reserve Bank of India's (RBI) recent directive to halt new deposits. This development compounds troubles for the fintech giant, already under scrutiny for alleged FEMA violations. Paytm denies any wrongdoing, reiterating compliance with regulations. Founder Vijay Shekhar Sharma's recent meetings with RBI and finance minister Nirmala Sitharaman haven't yielded concessions. RBI Governor Shaktikanta Das reaffirmed the regulator's stance, emphasizing the importance of compliance. With uncertainties looming, Paytm navigates turbulent waters, striving to uphold its commitment to digital payment expansion across India amidst regulatory challenges.
