Stay updated with breaking news from Comprehensive System Audit. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The ED initiated a preliminary inquiry against Paytm Payments Bank earlier this week. The action comes days after the RBI barred the Paytm subsidiary from accepting new deposits from February 29.
Earlier, the RBI disallowed the Paytm subsidiary from accepting further deposits, top ups or credit transactions into its operated wallet or accounts from February 29.
The central bank also said merchants can change their bank account details through your service provider.
The bank is mandated under RBI regulations to invest the daily deposit balances in government securities and commercial bank balances to ensure the safety of customer deposits, Paytm Payments Bank has told Moneycontrol
Industry experts said that the situation with Paytm Payments Bank is not like that of Yes Bank or PMC Bank. Depositors, therefore, need not worry about their money for now, and have enough time to either use up the balance or look for options to park them.