ED starts preliminary inquiry into Paytm Payments Bank

Bengaluru: Enforcement Directorate (ED) has started a preliminary inquiry into Paytm Payments Bank, local broadcaster CNBC-TV18 reported on Wednesday, citing sources. That comes two weeks after the country’s central bank ordered Paytm Payments Bank, an affiliate of Paytm to shut most of its business, including deposits, credit products and its popular digital wallets, by the end of February, citing “persistent non-compliance”.

“We have always complied with the requirements dutifully,” Paytm told CNBC-TV18. The report has no further details on the probe.

Paytm and the Enforcement Directorate did not immediately respond to Reuters’ requests for comment.