Paytm Payments Bank case thousands of accounts opened on one PAN number

Paytm Payments Bank But RBI just did that restrictions No. Action has been taken against the giant fintech company due to money laundering concerns and suspicious transactions worth hundreds of crores of rupees between wallet Paytm and Paytm Payments Bank. PTI has given this information quoting sources. It is worth noting that RBI has directed Paytm Payments Bank Limited not to deposit or top-up money in any customer account, wallet and fastag after February 29, 2024.

According to the report, RBI said in a statement that this step has been taken after the audit report. The audit has revealed that the rules were constantly ignored in Paytm Payments Bank. Two years ago, on March 11, 2022, RBI had banned Paytm Payments Bank from adding new customers.

However, the Reserve Bank has clarified that Paytm Payments Bank customers can withdraw or use the money deposited in their savings account, current account, Fastag, National Common Mobility Card (NCMC) and other accounts.

It is worth noting that Paytm is owned by One97 Communications, while Paytm Payments Bank Limited is a separate company in which One97 Communications has a 49 percent stake.

Sources have also revealed that Paytm Payments Bank Limited (PPBL) had lakhs of non-KYC (know your customer) accounts and in thousands of cases the same PAN was used to open multiple accounts. The audit also revealed transactions worth crores of rupees, raising concerns of money laundering. According to media reports, the ED may investigate the matter.

An expert has been quoted as saying that Paytm Payments Bank has about 35 crore e-wallets. Out of these, about 31 crore are inactive. Only four crore e-wallets will be active, that too with very little amount deposited. Sources have said that there is a possibility of inactive accounts being used for fake accounts. There have been irregularities in KYC as well.