News > Paytm Payments Bank fined ₹5.49 crore for money laundering: Finance Ministry

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

Financial Intelligence Unit-India imposed ₹5.49 crore penalty on Paytm Payments Bank for violating the obligations under the Prevention of Money Laundering Act (PMLA). The law enforcement agencies shared crucial information with the Finance Ministry about the role of Paytm Payments Bank in routing and channelising the proceeds of crime of businesses engaged in several illegal acts, including organising and facilitating online gambling.