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Paytm Payments Bank executives provided information and documents sought by the agency. ED has asked them to furnish more details by next week, sources said. The executives were summoned as “part of the procedure” that needs to be followed once a Fema investigation is launched.
The Directorate of Enforcement (ED) quizzed Paytm Payments Bank officials this week in connection with its probe into alleged violations of Foreign Exchange Management Act (Fema) by entities using the bank, said people aware of the matter.
The Enforcement Directorate has reportedly started a preliminary inquiry into Paytm Payments Bank Ltd (PPBL) to examine possible violations of Fema (Foreign Exchange Management Act) rules
The development comes from the Reserve Bank of India initiating regulatory actions against Paytm Payments Bank
The ED is conducting preliminary probe before deciding to formally launch an investigation into alleged irregularities under the Foreign Exchange Management Act