Paytm payment bank fined Rs 5.49 crore by the Finance Ministry of India

The Finance Ministry Found Involvements of Paytm Payment in Black Activites Such as Gambling and Activites that Promote Illegal Activites. 

Fiance Ministry imposed Fine of 5.49 Crores on Paytm Payment Bank 

Finance Ministry imposed a fine of Rs 5.49 crore on Paytm Payment Bank Limited.

According to the statement from Finance Mystery, Paytm Payment Bank has been fined for violating the bank's obligations .During a press release it was told that Paytm Payment Bank is also involved in activities like money laundering.

Financial Intelligence Unit of India FIU-IND, a unit of Finance Ministry, received news from law enforcement that Paytm is involved in many illegal activities. After that the Finance Intelligence Unit of India (FIU-IND) has started the review of Paytm Payment Bank Limited.

All India Radio recently shared this news on its official Twitter handle.

The Financial Intelligence Unit-India, FIU-IND, imposes a monetary penalty of Rs 5.49 crore on #PaytmPaymentsBank Ltd with reference to violations of its obligations under Prevention of Money Laundering Act.

Finance Ministry says that FIU-IND initiated a review of Paytm… pic.twitter.com/4p7m9bBUCY

— All India Radio News (@airnewsalerts) March 1, 2024

Paytm Payment Bank was fined under the Money Amendment Act 2002 for violating the bank's responsibilities and being involved in illegal activities.

According to the statement, Paytm Bank's business network promotes black businesses like gambling by organizing it. And the transaction of this illegally earned money also happens through Paytm Payment Bank only.

Further, the money generated from these illegal operations, i.e. proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank Ltd," the statement said.