Paytm Faces Enforcement Directorate Probe for FEMA Violations

Paytm is in news form past few months India's central bank RBI has directed Paytm, the company that revolutionized digital payments in the country, to cease all services offered by its banking division, also known as the wallet service, due to "persistent non-compliance" with its regulations. This division enables Swift payments through the Paytm app, which has a user base of over 330 million.

The Enforcement Directorate has filed a case of forex violations against Paytm and initiated an investigation. Furthermore, the ED and Financial Intelligence Unit (FIU) have requested a report from the RBI.

Forex violations Means. 

Forex violations typically refer to actions or behaviors that are in breach of regulations or rules related to the foreign exchange (forex) market. The forex market involves the buying and selling of currencies, and it operates globally, with participants ranging from individual traders to large financial institutions.