News > After Paytm, more payment banks may face regulatory action

After Paytm, more payment banks may face regulatory action

Following Paytm, many more payments banks may face regulatory action as the Financial Intelligence Unit (FIU) has detected about 50,000 accounts without know-your-customer (KYC) verification and potentially engaged in suspicious transactions and money laundering activities, reports said. Reportedly, details of about 30,000 accounts are shared with the Reserve Bank of India which is looking into these and has sought further information.