Finance Ministry imposes Rs. 5.49cr fine on Paytm Payments Bank
Shortpedia
Content Team
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India's Financial Intelligence Unit (FIU) has slapped Paytm Payments Bank, Paytm's banking division, with a hefty penalty of Rs. 5.49 crore for failing to report illegal monetary transactions through its accounts. The Ministry of Finance has revealed that the FIU began investigating after law enforcement agencies discovered entities involved in illegal activities, such as online gambling, using the bank to route their proceeds. Interestingly, the penalty is linked to a business segment that Paytm Payments Bank discontinued two years ago.
