Paytm Payments Bank fined ₹5.49 crore for money laundering, says finance ministry: Report

Financial Intelligence Unit on Friday imposed ₹5.49 crore penalty on Paytm Payments Bank for money laundering, PTI quoted the ministry of finance as saying. The action is a fresh blow to the lender after the Reserve Bank of India on January 31 had barred it from accepting new deposits from February 29, later extending it to March 15. This comes hours after One97 Communications said that the firm's board has discontinued the inter-company pacts with the lending service to reduce dependencies.