The notice to banks and payment gateways did not provide a reason for the decision. As reported by Mint, the Enforcement Directorate (ED) has directed banks and payment gateways (PG) to freeze the accounts of around 100 fin-tech companies. The notices do not provide a reason for the same. Who Is Affected by the Order? Affected fin-tech companies include: Pagarbook: a staff attendance and payroll management software. Kredily: a free Human Resources and Payroll management software. Progcap: developing a full-stack, retailer-focused bank catering to Small and Medium Businesses. Propelld: an education loan financing service. Pocketly: a short-term, instant personal loan service, targeted at students. Krazybee: a ‘non-deposit’ taking Non Banking Financial Company offering loans. Progcap, Krazybee, and Pagarbook have been reportedly reprieved from the order, along with approximately 15 other companies. What Questions Did the ED Ask? The ED also summoned…
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