Paytm Funds Financial institution might not be the one one on RBI’s radar. The central financial institution is reportedly mulling regulatory motion on extra fintech companies for KYC lapses.

Amongst these embrace a number one funds aggregator and a pockets service supplier, claimed a Moneycontrol report.

The warmth is on fintech companies that function within the unsecured mortgage phase and act as intermediaries between clients and lenders.

On January 31, the RBI barred Paytm Funds Financial institution from taking in new clients after compliance lapses have been present in its KYC course of. The Enforcement Directorate has reportedly questioned senior Paytm executives and brought submission of paperwork from them following the RBI motion.

One97 Communications, which offers monetary companies below the Paytm model, and its banking arm Paytm Funds Financial institution have been receiving notices and requests for data with respect to clients of the respective entities, an trade submitting by the corporate stated on Wednesday.

Paytm stated its affiliate Paytm Funds Financial institution Restricted doesn’t undertake outward international remittances.

“One 97 Communications Restricted (OCL), its subsidiaries and its affiliate, Paytm Funds Financial institution Restricted, have over time been receiving notices and requisition for data, paperwork and explanations from the authorities, together with Enforcement Directorate (ED), with respect to the purchasers which will have carried out enterprise with the respective entities, and offered the required data, paperwork and explanations to the authorities,” Paytm stated in a regulatory submitting.