iifl-logo-icon 1
IIFL

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

ED not discovered forex breaches at Paytm unit yet, states sources

20 Feb 2024 , 11:12 AM

The Enforcement Directorate's inquiry into alleged foreign currency crimes at Patym Payments bank has not yet yielded any results, a government source directly involved in the subject stated on February 19.

Last Monday, the Enforcement Directorate initiated an inquiry into international transactions by Paytm Payments Bank, a subsidiary of One 97 Communications, also known as Paytm.

Paytm shares have fallen by more than 50% after the Reserve Bank of India stated on January 31 that Paytm Payments Bank will no longer accept fresh cash into its accounts or wallets. The rout has cost stockholders around $3.1 billion.

According to the source, the inquiry discovered several weaknesses in the know-your-customer regulations that check user accounts.

However, the 'Enforcement Directorate has not yet detected any foreign exchange management act violations by Paytm Payments Bank,' according to a source.

According to the source, there were also some concerns with the bank failing to generate a suspicious transaction report, and the Enforcement Directorate is currently deciding whether to punish anyone for any possible crimes.

On Monday, Paytm reiterated a statement from the previous week, indicating that the company had been providing information to the Enforcement Directorate and other relevant authorities.

On Friday, the Reserve Bank of India granted Paytm Payments Bank a 15-day extension of its wind-down period till March 15. Paytm also said on Friday that it had hired a new banking partner, Axis Bank, to help keep some of its popular products functioning and withstand the present crisis.

At around 10.11 AM, Paytm was trading 5% higher at ₹376.25, against the previous close of ₹358.35 on NSE.

For feedback and suggestions, write to us at editorial@iifl.com

explored-media

Related Tags

  • Paytm
  • Paytm Forex Breach
  • Paytm News
  • Paytm Payments Bank
  • Paytm Stock
  • Paytm Updates
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Centerplus
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Knowledge Centerplus

Follow us on

facebooktwitterrssyoutubeinstagramlinkedin

2024, IIFL Securities Ltd. All Rights Reserved

ATTENTION INVESTORS
  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

plus
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.

closeIcon

Get better recommendations & make better investments

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp