The Reserve Bank of India has taken regulatory action against Paytm and Visa Inc., and more nonbank intermediaries may be targeted. The growth of neo-banking in India has increased the risk of fraud. KYC regulations and digital payments face challenges, and nodal accounts are used for real-time processing.
The accused had two Aadhaar cards with different numbers and two addresses in Goa and West Bengal. The police said that if granted bail, the accused may not remain present during the trial.
The Madras High Court recently ruled that though digital payment platform, Paytm is a private entity and not a bank amenable to writ jurisdiction, it still cannot evade its liability to protect its customers.