NEW DELHI: Enforcement Directorate has registered a forex violations case against Paytm Payments Bank and ordered a probe. Additionally, ED and Financial Intelligence Unit (FIU) has seek RBI report, Reuters reported quoting two sources.
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The central agency has asked information on overseas transactions from Paytm Payments Bank, a subsidiary of One 97 Communications on suspicion of violation of foreign exchange rules.
Paytm has declined any foreign exchange rules violations.
Reserve Bank of India, earlier had directed Paytm Payments Bank to wind down its operations by February 29 because of persistent and supervisory concerns. Since then Paytm has lost nearly 55% of its market value. The company‘s shares plunged around 10% on Wednesday.
