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 compliance submitted by the Sources said the actions of the above concerns, a Paytm
> FROM PAGE 1 bank was found to be false the company indicated com- Payments Bank spokesperson
when verified by external plete disregard for regulatory said: “The recent direction
auditors of regulatory super- standards and compliance from RBI is a part of the ongo-
Paytm... visors, sources said.
Paytm PB was also found
requirements, raising serious
concern over the group’s com-
ing supervisory engagement
and compliance process. The
Total value of these transac- to be not disclosing intra- mitment to principles of trans- bank always upheld compli-
tions was estimated to be group and related party trans- parency. ance with supervisory instruc-
worth crores of rupees. actions in the financial state- While responding to a tions in its interactions with
In addition, there were ments. Business Standard query on regulator from time to time.
transactions in minimum KYC We therefore request you to be
pre-paid instruments which guided by the press release of
were beyond the regulatory RBI dated January 31 and
limits. That raised money refrain from any further spec-
laundering concerns, sources ulation.”
said. Paytm PB, which received
Unusually high numbers of its licence in January 2017,
dormant accounts, which started operations in May of
could have been used as mule the same year. Within a year of
accounts, too was a reason for commencing operations, they
concern. Deficiencies in the were found in breach of norms
KYC process and lack of trans- regarding end of the day bal-
action monitoring system ances in customer accounts,
added to the money launder- apart from non-compliance
ing concerns. Accounts and with KYC norms and non-
wallets running into lakhs maintenance of arm’s length
were frozen by law enforce- In 2021, KYC anti-money in business transactions with
ment authorities, allegedly TROUBLED laundering violations its group entities. The RBI
due to committing digital JOURNEY observed imposed restrictions on open-
frauds. ing accounts in June 2018 and
On not maintaining arm’s Paytm Payments Bank In March 2022, RBI stops then lifted in December 2018
length, sources said that receives licence in Jan 2017; onboarding new customers based on compliance under-
Paytm PB’s financial and non- ops start in May 2017 taken by the bank.
financial businesses were co- In September 2022, ED raids However, towards the end
mingled with the promoter Within a year, found non- in Paytm Payments Bank, of 2021, the RBI again found
group companies in violation compliant with end of day Cashfree, Razorpay as part of KYC-related violations. Those
of licensing conditions. It was balance in customer accounts an ongoing probe in deficiencies continued despite
observed that the payments connection with the Chinese the regulatory engagement
bank was totally dependent on KYC violations, not instant loan app case with the bank. As a result, in
OCL’s IT infrastructure and maintaining arm’s length March 2022, RBI imposed
there was no operational seg- with parent observed in first In January 2024, NHAI arm supervisory restriction on
regation. Many transactions year bars Paytm Payments Bank Paytm PB to stop on-boarding
were routed through OCL- from issuing fresh FASTags new customers. The latest
owned applications, triggering In June 2018, RBI bars it from and taking up new toll plazas missive from the RBI earlier
concerns around data privacy opening new accounts; lifts due to non-compliance with this week meant closure of
and data sharing. curbs in Dec 2018 certain norms almost all operations for the
There were instances when bank.