Paytm Ed Case News Today

Paytm shares continued to recover on February 21, hitting a 5 per cent upper circuit for the third straight session.

Indias Enforcement Directorate has not found any foreign exchange management act violations at Patym Payments bank, a unit of One 97 Communications. The banks shares have plunged over 50% since the Reserve Bank of India announced it could no longer accept new funds into its accounts or wallet. The investigation found some lapses related to know-your-customer rules that verify user profiles. The Enforcement Directorate is still ascertaining whether to bring charges for any potential violations.

Paytm on February 4 clarified that the company or its related entities are not facing any investigation from the Enforcement Directorate.

While Paytm shares had rebounded slightly to settle above the day’s low earlier, the reports of the fresh ED probe against its associate payments bank seems to have rattled investors.