Fresh Setback for Paytm Payments Bank, ED inquiry on

New Delhi: The Enforcement Directorate (ED) has initiated a preliminary inquiry against Paytm Payments Bank, adding to the woes of the fintech giant already facing restrictions from the Reserve Bank of India (RBI). This news comes just days after the RBI banned Paytm Payments Bank from accepting new deposits starting February 29, 2024.

Fresh Setback for Paytm Payments Bank:

This ED inquiry marks another setback for Paytm Payments Bank, following the RBI’s strict action. Notably, RBI Governor Shaktikanta Das recently ruled out any reconsideration of the decision, stating, “There is no review of this (PPBL) decision… let me very clearly say there is (going to be) no review of the decision.”

Paytm Denies Investigation:

Previously, Paytm denied reports of any investigation by the ED or other regulatory agencies targeting the company or its founder, Vijay Shekhar Sharma. The company maintained its commitment to regulatory compliance and expressed its dedication to enhancing its processes for wider digital payment adoption across India.

• Keywords: Paytm Payments Bank, ED investigation, RBI restrictions, fintech, digital payments, India
• Hashtags: #Paytm #ED #RBI #Fintech #DigitalPayments #India