Paytm: One thousand accounts opened on one PAN card, transactions worth crores, what will happen now, know the answer to every question here
[ad_1]
Paytm: Every day new things are coming to light related to the investigation in Paytm Payment Bank case. In such a situation, the company’s problems are increasing. today again Paytm Once again a big decline has been seen in the shares. Lower circuit has been installed in the stock. However, to handle the situation, NSE and BSE have reduced the trading limits. This means that now only if the company’s stock falls by 10 percent, lower circuit is seen. On the other hand, it is being claimed in the media report that ED can investigate the Paytm case, because more than a thousand bank accounts have been opened by the bank on one PAN card, due to which transactions worth crores of rupees have been done. This leads to money laundering (Money Laundering) is being suspected. Investigations by both RBI and auditors found that Paytm was not following bank rules.
What is the crisis of Paytm Payments Bank?
RBI has directed Paytm Payments Bank Limited not to accept deposits or top-ups in any customer account, prepaid instrument, wallet and Fastag after February 29, 2024. Earlier, on March 11, 2022, RBI had stopped PPBL from adding new customers with immediate effect. Paytm Wallet customers can use it till their balance is exhausted. They will not be able to add money to it after February 29. If RBI does not relent, top-up for Paytm wallet will stop and transactions will not be possible through it.
Who is the owner of Paytm Payments Bank?
Paytm Payments Bank Limited (PPBL) is a subsidiary of One97 Communications Limited (OCL). One97 Communications holds 49 percent of the paid-up share capital of PPBL (directly and through its subsidiary). Vijay Shekhar Sharma has 51 percent stake in the bank.
What does this mean for customers?
Paytm wallet users can continue transactions till February 29. However, after February 29, they will be able to use their existing balance till it is exhausted. Customers will not be able to add any money to the wallet after February 29.
What are the options for users?
At present, more than 20 banks and non-banking institutions provide wallet services. Prominent among them are Mobikwik, PhonePe, SBI, ICICI Bank, HDFC, Amazon Pay. Similarly, 37 banks like SBI, HDFC, ICICI, IDFC, Airtel Payments Bank provide Fastag service. Customers can recharge Fastag through their bank’s mobile banking, internet banking or third party apps like Google Pay and PhonePe.
Why did Paytm Payments Bank come under the radar of RBI?
The banking regulator was continuously pointing towards irregularities. According to sources, money laundering concerns and suspicious transactions worth hundreds of crores of rupees between popular wallet Paytm and its lesser-known banking arm led the Reserve Bank of India to crack down on Vijay Shekhar Sharma’s entities.
What is the company’s reaction?
Paytm management has said that PPBL is in discussion with RBI for business continuity and is ready to comply with their instructions.
,with language input,
[ad_2]
Source link