1,000 Accounts, 1 PAN: How Paytm Payments Bank Came Under RBI's Radar (India)
You seem interested in the news about Paytm Payments Bank coming under the Reserve Bank of India's (RBI) radar. Here's a summary of the key points: The Issue: Over 1, 000 accounts in Paytm Payments Bank were found to be linked to the same Permanent Account Number (PAN) , violating Know Your Customer (KYC) norms. These accounts conducted transactions worth crores of rupees, raising concerns about potential money laundering . The RBI found irregularities in the bank's compliance reports, further fueling suspicions. RBI's Actions: The RBI imposed stringent curbs on Paytm Payments Bank, including restrictions on new customer onboarding and fund transfers. The information was shared with the Enforcement Directorate (ED), India's financial crime-fighting agency, for further investigation. The findings were also reported to the Ministry of Home Affairs and the Prime Minister's office . Possible Implications: Paytm Payments Bank faces potentia