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Reserve Bank of India has banned financial transactions on Paytm Payment Bank. Millions of customers are affected. Whether transactions can be done in Paytm after February 29, what will happen to the money deposited in the Paytm wallet-thousands of such questions are running in the minds of Paytm users.
But the biggest question is, why has RBI banned the financial transactions of Paytm Payment Bank? What crime did this digital payment bank? According to sources, there has been widespread corruption in KYC information. Hundreds of accounts have no real identity. Customer name, information – all unknown. Crores of financial transactions have taken place from these accounts without KYC.
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It is known that KYC is mandatory for financial transactions. But Paytm Payment Bank did not follow that rule. Paytm has multiple accounts, which do not have KYC information. Crores of crores of rupees have been transacted from these nameless accounts. The Reserve Bank suspects that a huge amount of money has been laundered through Paytm Payments Bank. That is why RBI has banned the financial transactions of Paytm Payment Bank.
According to sources, more than 1,000 accounts were linked to a single Permanent Account Number or PAN. When the Reserve Bank of India and the auditors do the verification, they find massive irregularities. It was then that the Reserve Bank imposed financial sanctions on Paytm. The Enforcement Directorate has also been informed. It is learned that the Ministry of Finance and the Prime Minister’s Office have also been informed about this possible financial fraud.
Revenue Department Secretary Sanjay Malhotra said that the ED will look into whether financial corruption and illegal activities have taken place through Paytm Payment Bank.
Source: Times of India. Outlook India, TV9bangla
