Paytm: "Why is ED not speaking?" Congress queries the government's lack of action against fintech companies

Paytm: "Why is ED not speaking?" Congress queries the government's lack of action against fintech companies

"RBI has prohibited Paytm Payments Bank and it will have no existence after February 29," said Supriya Shrinet, a spokesman for the Congress. The RBI has leveled quite grave accusations.

When accusations are made against PM Modi's cronies, why do authorities not respond? Why doesn't ED say anything? Supriya Shrinet, a spokesman for the Congress, said.

Despite criticism from the nation's banking regulator, Congress spokeswoman Supriya Shrinet questioned the Enforcement Directorate's (EB) lack of action against Paytm Payments Bank, a subsidiary of the fintech company, on Monday, according to news agency ANI.

What position does the Center have on this matter? "The founder of Paytm Payments Bank is a devotee of PM Modi, takes selfies with him as well as publishes advertisements in favor of the PM," the Congress lawmaker told ANI, explaining why the bank has been in a difficult situation for the last seven years.

"During his election rallies, PM Modi endorsed Paytm. When accusations are made against PM Modi's cronies, why do authorities not respond? Why is the ED not speaking?" declared Srinet.

"Paytm Payments Bank has been prohibited by RBI, and it will close on February 29.The RBI has made some really severe accusations. The anomalies first appeared in 2017.When the RBI discusses money Why then is the CBI keeping quiet about this money laundering issue?As Shrinet put it

The Congressman's remarks followed the fintech startup's disclosure to stock markets in a regulatory application submitted that neither One97 Communications, the company's parent company, either its founder, Vijay Shekhar Sharma, are under ED investigation.

"The Enforcement Directorate is not looking into the Company, its Founder, or its CEO in relation to, among other things, money laundering. We have always complied with the authorities, even if in the past certain merchants or users on our platforms have been the subject of inquiries, according to a regulatory filing by Paytm.

"We want to establish a third straight and all anti-money laundering initiatives.He denies being involved. The submission said, "We take regulatory orders extremely seriously as well as comply with Indian laws."

According to a Bloomberg story, the RBI may decide to revoke Paytm Payments Bank's operating license as early as next month. After the deadline of February 29, at which point the Paytm subsidiary will no longer be able to accept fresh deposits, the bank regulator may take action.

According to Bloomberg, which cited sources, the infractions included the purported misuse of customer documentation regulations and the withholding of important transactions.

In other instances, the same document was used to register thousands of users, according to the study, which claimed that hundreds of thousands of Paytm Payments Bank customers had not completed their KYC paperwork.