Paytm Payments Bank got in trouble for not reporting illegal money going through its accounts, leading to a big fine. The bank didn’t watch out for suspicious transactions.
The issues were from a part of the business that stopped two years ago. Paytm is fixing its systems to follow the rules better. The Reserve Bank of India told Paytm to close down by March 15 because it didn’t follow rules well.
The company’s CEO, Vijay Shekhar Sharma, owns a big part of the bank but stepped down from some roles. The government checked Paytm because it heard about illegal activities like online gambling. Money from these activities went through Paytm’s bank accounts. The government confirmed the investigation and penalty on Paytm.
What Should Paytm Payment Account Holder Do?
- All our account holders do not need to deposit any amount in their Paytm Payments Bank account or wallet,
- The use of Paytm Payments wallet can be done by you till 29th February 2024, and the money can be used until it is exhausted,
- You can only add money to the wallet of Paytm Payments Bank until 29th February 2024, i.e., after 29th February 2024, money cannot be added to the wallet, etc.
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