"Regulatory Crisis: Improperly Set Up Accounts at Paytm Payments Bank Under Scrutiny"

India's central bank has discovered that hundreds of thousands of accounts at Paytm Payments Bank were set up without proper identification, leading to concerns about potential money laundering. The Reserve Bank of India has shared this information with the country's financial crime fighting agency and other government offices. Paytm Payments Bank has denied any wrongdoing and stated that it has not been probed by the Enforcement Directorate. The RBI has ordered the bank to wind down most of its businesses due to "persistent non-compliances and continued material supervisory concerns." If evidence of illegal activity is found, the Enforcement Directorate will investigate the bank.