Jefferies Financial Group on Monday became the first major foreign brokerage to drop coverage on Paytm-operator One 97 Communications Ltd. until the news flow around the struggling Indian fintech major “settles down”.
In the advertisement shared along with the tweet, the company confirmed that the Paytm devices and QR code would remain functional "today, tomorrow, always".
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India s Enforcement Directorate has not found any foreign exchange management act violations at Patym Payments bank, a unit of One 97 Communications. The bank s shares have plunged over 50% since the Reserve Bank of India announced it could no longer accept new funds into its accounts or wallet. The investigation found some lapses related to know-your-customer rules that verify user profiles. The Enforcement Directorate is still ascertaining whether to bring charges for any potential violations.