Paytm Payments Bank Hit With ₹5.49 Crore Fine for Money Laundering
Ouch! Paytm Payments Bank is facing another setback after the Financial Intelligence Unit (FIU) slapped them with a ₹5.49 crore fine for failing to prevent money laundering. This comes just days after the RBI barred them from accepting new deposits due to other compliance issues.
Here’s the breakdown:
- The accusation: The FIU found evidence of illegal funds being routed through Paytm accounts, possibly linked to online gambling.
- The penalty: Paytm has to pay ₹5.49 crore for violating money laundering regulations.
- The bank’s response: Paytm claims the issue stemmed from a business segment they discontinued two years ago and that they’ve since improved their monitoring systems.
This news adds to the recent turmoil Paytm has been facing:
- RBI ban: The bank was earlier barred from accepting new deposits due to compliance concerns.
- Leadership shuffle: Vijay Shekhar Sharma stepped down as chairman to pave the way for a fresh start.
It remains to be seen how Paytm will navigate these challenges and regain the trust of regulators and investors.
Mehek 
Priyanka