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Paytm Payments Bank may not be the only one on RBI’s radar. The central bank is reportedly mulling regulatory action on more fintech firms for KYC lapses.
Among those include a leading payments aggregator and a wallet service provider, claimed a Moneycontrol report.
The heat is on fintech firms that operate in the unsecured loan segment and act as intermediaries between customers and lenders.
On January 31, the RBI barred Paytm Payments Bank from taking in new customers after compliance lapses were found in its KYC process. The Enforcement Directorate has reportedly questioned senior Paytm executives and taken submission of documents from them following the RBI action.
One97 Communications, which provides financial services under the Paytm brand, and its banking arm Paytm Payments Bank have been receiving notices and requests for information with respect to customers of the respective entities, an exchange filing by the company said on Wednesday.
Paytm said its associate Paytm Payments Bank Limited does not undertake outward foreign remittances.
“One 97 Communications Limited (OCL), its subsidiaries and its associate, Paytm Payments Bank Limited, have over time been receiving notices and requisition for information, documents and explanations from the authorities, including Enforcement Directorate (ED), with respect to the customers that may have done business with the respective entities, and provided the required information, documents and explanations to the authorities,” Paytm said in a regulatory filing.
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