The Congress on Monday questioned the Enforcement Directorate (ED) in response to the RBI’s strict regulatory motion towards Paytm Funds Financial institution Restricted.
Congress spokesperson Supriya Shrinate additionally voiced issues over the ED’s give attention to political figures, citing that an amazing majority of circumstances have been focused at politicians.
“Why was Paytm payments bank given such a long relaxation despite so many violations? What steps has ED taken so far on serious allegations like money laundering? How much did Paytm donate to the BJP and the PM Cares Fund,” the Congress chief stated, as quoted by information company PTI.
“Is the ED satisfied by initiating 95 per cent of cases against political people? Is the data of Paytm consumers confidential or is it being shared with the BJP,” she requested.
Final week, the RBI ordered Paytm Funds Financial institution Ltd, a restricted financial institution that may take deposits however can not lend, to not take any additional deposits or conduct credit score transactions or perform top-ups on any prospects’ accounts, pay as you go devices, wallets, playing cards for paying street tolls after February 29.
A number of media stories which have claimed that the corporate and its CEO Vijay Shekhar Sharma are being investigated by the Enforcement Directorate (ED) in connection to cash laundering have made the scenario extra unstable.
Nonetheless, on February 4, Paytm clarified that neither One97 Communications—the dad or mum firm of the Paytm model—nor its CEO Vijay Shekhar Sharma have been beneath investigation by the ED for cash laundering actions.
Shrinate alleged that the RBI inspected 35 crore Paytm wallets, out of which 31 crore wallets have been discovered inactive and {that a} single PAN card was discovered linked to hundreds of accounts. She added that the KYC of lakhs of accounts was not executed and false compliance stories have been being given by the financial institution.
“Paytm has already been accused of sharing its data with the BJP. The RBI has several times expressed concern over the transaction data traffic between Paytm Payments Bank and Paytm, but Vijay Shekhar Sharma did not take any action. Paytm flouted a lot of rules and regulations without any fear,” she stated, as per PTI.
The RBI had additionally expressed issues in regards to the shareholding of the funds financial institution, she stated.
Shrinate stated a serious cause for the RBI motion was that the majority of Paytm’s funding was by Chinese language corporations, which included Alibaba. Even now Ant Group had a couple of 10 per cent partnership, she stated.
(With PTI inputs)