THE DIRECTORATE OF Enforcement will probe Paytm Payments Bank if any fresh charges of fund siphoning are found, revenue secretary Sanjay Malhotra told Reuters on Saturday.
The Reserve Bank of India (RBI) on Wednesday ordered the payments bank unit of One 97 Communications, popularly known as Paytm, to stop accepting fresh deposits in its accounts or popular wallets from March.
"If there are any fresh charges of money laundering against Paytm by RBI, those will be investigated by Directorate of Enforcement as per the law of the land," said Malhotra.
Minister of state for electronics and IT Rajeev Chandrasekhar also commented on Saturday that fintechs or tech companies do not have a free pass from regulatory oversight.
"Being a fintech or being a tech company doesn't absolve anybody from regulatory oversight," Chandrasekhar told reporters on the sidelines of the launch of Digital India futureLABS initiative in the national capital. "A sectoral regulator has absolute authority to regulate every entity within the sector.
The RBI has done so and this is within their purview to do so,"Chandrasekhar added.
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