Begin typing your search above and press return to search.
proflie-avatar
Login
exit_to_app
election commmission
access_time 22 Nov 2024 4:02 AM GMT
Champions Trophy tournament
access_time 21 Nov 2024 5:00 AM GMT
The illness in health care
access_time 20 Nov 2024 5:00 AM GMT
The fire in Manipur should be put out
access_time 21 Nov 2024 9:19 AM GMT
America should also be isolated
access_time 18 Nov 2024 11:57 AM GMT
Munambam Waqf issue decoded
access_time 16 Nov 2024 5:18 PM GMT
DEEP READ
Munambam Waqf issue decoded
access_time 16 Nov 2024 5:18 PM GMT
Ukraine
access_time 16 Aug 2023 5:46 AM GMT
Foreign espionage in the UK
access_time 22 Oct 2024 8:38 AM GMT
exit_to_app
Homechevron_rightBusinesschevron_rightPaytm Payments Bank...

Paytm Payments Bank faces Rs 5.49 crore fine for money laundering violations

text_fields
bookmark_border
paytm
cancel

New Delhi: Financial Intelligence Unit-India (FIU-IND) has imposed a fine of Rs 5.49 crore on Paytm Payments Bank over alleged money laundering, following information from law enforcement agencies regarding illegal activities, including online gambling.

The FIU-IND revealed that some entities routed funds through Paytm Payments Bank, violating provisions of the Prevention of Money Laundering Act (PMLA).

The FIU-IND stated, "The money generated from these illegal operations, i.e., proceeds of crime were routed and channeled through bank accounts maintained by these entities with Paytm Payments Bank Ltd."

A spokesperson for Paytm Payments Bank noted that the penalty relates to issues within a discontinued business segment two years ago. The bank has since improved monitoring systems and reporting mechanisms to the FIU.

This development comes a month after the Reserve Bank of India (RBI) directed Paytm to halt accepting fresh deposits in its accounts or wallets, with a deadline initially set for February 29 and later extended to March 15. Paytm had shifted its nodal account to Axis Bank following the RBI order.

The RBI clarified that after March 15, no further deposits, credit transactions, top-ups, or recharging of FASTags through Paytm Payments Bank would be allowed. Customers can still withdraw or use existing funds in their accounts and wallets but cannot add fresh funds after the specified date.

Paytm Payments Bank holds a significant share in India's toll collections through FASTag, and the penalty adds to the challenges faced by the fintech giant.

Show Full Article
TAGS:RBIPaytm
Next Story