Paytm Payments Bank fined ₹5.49 crore by Finance Ministry for money laundering

The Financial Intelligence Unit - India (FIU-IND) has imposed a penalty of ₹5.49 crore on Paytm Payments Bank for violations of Prevention of Money Laundering Act (PMLA), 2002. A review of Paytm Payments Bank was initiated on receipt of information from law enforcement agencies over allegations of illegal acts, including organising and facilitating online gambling, Finance Ministry said.