ED Probe Against Paytm Payments Bank: Reports of Enforcement Directorate (ED) investigation against crisis-hit Paytm Payments Bank were revealed on Wednesday. Clarifying these allegations, the company said on Wednesday evening that Paytm's parent company One 97 Communications has always cooperated with the authorities in the investigation. We want to make it clear that Payments Bank has never done the work of sending money abroad. Investigation is going on against the merchants and not us.
The company said in an official statement that One 97 Communications and its affiliates have given information, documents and statements to all agencies including ED. Our partner companies are answering all types of questions. Paytm Payments Bank does not do outward foreign remittances. We had clarified on February 5 that no investigation is being conducted against us by ED. Some time ago, an investigation was started against some merchants present on our platform. Paytm is fully cooperating in this investigation. We keep giving every information to SEBI. Earlier on Wednesday morning, several media reports had claimed that ED investigation into the allegations against Paytm Payments Bank has started. After this news, Paytm shares touched the lower circuit and closed at Rs 342.15. This is its all-time low level. Paytm shares have reached a 52-week low. Shares of One97 Communications have fallen below Rs 350 for the first time in both the major stock markets. Earlier, RBI had given a blow to Paytm Payments Bank and said that it will not review its decision. Along with this, the independent director of the bank Manju Aggarwal has also resigned from her post. Paytm was hopeful that RBI would reconsider its decision and the fintech company would get some relief.Paytm shares hit lower circuit again
RBI refuses review
A ban has been imposed on taking deposits. >
The evening of 31 January became a nightmare for Paytm when the Reserve Bank of India ordered the closure of most of the services of Paytm Payments Bank from 29 February. Under this, RBI had directed Paytm's unit Paytm Payments Bank Limited (PPBL) not to accept deposits or top-ups in any customer account, prepaid product, wallet and Fastag after February 29, 2024.< /p>
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