BENGALURU : Money laundering concerns and KYC non-compliance have reportedly led the RBI to clamp down on Vijay Sekhar Sharma-run entities.
The Reserve Bank of India (RBI) has barred Paytm Payments Bank from accepting deposits, credit transactions and top ups in any customer account after February 29. This comes as a big setback for the bank as the central bank cited persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.
Earlier in March 2022, the central bank directed Paytm Payments Bank to stop onboarding of new customers with immediate effect and it still maintains the curb. Patym holds 49% in the payments bank and founder Vijay Shekhar Sharma holds the rest (51%).
