Markets are likely to rally in the run-up to the Lok Sabha elections in anticipation of a stable government and continuation of favourable policies that will benefit the economy and businesses, says Anil Rego
Few months ago, the RBI had alerted the Directorate of Enforcement of about possible money laundering and know-your-customer (KYC) violations at Paytm. Now, Paytm might be staring at losing its payments bank licence.
The Reserve Bank of India (RBI) alerted the Directorate of Enforcement (ED) a few months ago about possible money laundering and know-your-customer (KYC) violations at Paytm, and the fintech services provider may lose its payments bank licence, given infringements flagged by the banking regulator over the past few years, people familiar with the matter told ET.
Sources told ET that issues at Paytm Payments Bank were brewing for the past seven years and included complaints such as Violation of banking compliance norms on money laundering, conflict of interest, maintaining an arms length from the parent, lax processes allowing fraud, licensing agreement breaches.
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