Why RBI may have banned Paytm Payments Bank

The Reserve Bank of India (RBI) ordered the closure of Paytm Payments Bank due to non-compliance and supervisory concerns. A report reveals accounts at the bank were created without proper identification, potentially for money laundering. The information has been passed on to the ED, the ministry of home affairs, and the Prime Minister's Office. The ED will investigate if any evidence of illegal activity is found. Paytm denies the allegations and states that they have never been probed by the ED. Paytm's founder, Vijay Shekhar Sharma, assures users that the app will continue to work after February 29.

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