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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. ....
While Paytm shares had rebounded slightly to settle above the day’s low earlier, the reports of the fresh ED probe against its associate payments bank seems to have rattled investors. ....