Paytm Payments Bank News: Although the Reserve Bank of India (RBI) had extended the last date of operation of Paytm Payments Bank (PPBL) from 29 February to 15 March, the problems for PPBL did not reduce here. The first day of March has brought bad news for PPBL. The Financial Intelligence Unit-India (FIU-IND) has imposed a fine of ₹5.49 crore on PPBL for indulging in money laundering activities.
Paytm Payments Bank News
According to the Finance Ministry, this penalty has been imposed because some entities were exchanging money through the accounts of Paytm Payments Bank which were involved in illegal activities. This action was taken under Section 13(2)(d) of the Prevention of Money Laundering Act (PMLA), 2002.
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“The Financial Intelligence Unit-India (FIU-IND), in exercise of the powers conferred on the Director, FIU-IND under Section 13(2)(d) of the Prevention of Money Laundering Act, has imposed its responsibilities on Paytm Payments Bank Ltd,” the Center said. A fine of ₹5,49,00,000 has been imposed for violation of this Act.”
Paytm Payments Bank News: FIU-IND had initiated a thorough investigation of Paytm Payments Bank following specific information provided by law enforcement agencies. In this regard, a case has come to light of several institutions and their network of businesses involved in various illegal activities including organizing and facilitating online gambling, which were exchanging money through Paytm Bank.