Heavy fine imposed on Paytm Payment Bank, strict action in money laundering case

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Paytm Payments Bank Money Laundering Case : There have been reports of a big upheaval again in Paytm. Paytm has received two major setbacks today after the Reserve Bank of India took action earlier. On the one hand, One97 Communication Limited (One97 Communication) has broken the mutual agreement with Paytm Payments Bank, on the other hand, the central government has imposed a heavy fine on it. According to reports, the Financial Intelligence Unit of the Finance Ministry has fined Paytm Rs 5.49 crore for violating the rules under the Money Laundering Act.

Why was Paytm fined?

In an official statement regarding the penalty imposed on Paytm Payments Bank, the Finance Ministry said, 'Financial Intelligence Unit of India received information that some units of Paytm Payments Bank were engaged in illegal activities like network gambling and the money received from the bank accounts was transferred to these units of Paytm Payments Bank. did Penalty has been imposed after this matter came to light.'

One97 Communication also gave a shake to Paytm

It is to be mentioned that, before the Ministry of Finance gave a blow to Paytm, One97 Communication also gave a blow to Paytm Payment Bank and announced the cancellation of the mutual agreement from today. Communication informed BSE today that, 'The Board of Directors has canceled the mutual agreement with Paytm Payments Bank considering the issue of reducing dependency. Apart from this, its shareholders have also agreed to facilitate the shareholders' agreement to keep the management of PPBL independent. Apart from being the Paytm subsidiary of One97 Communication, it also operates.

Time till March 15 with Paytm

Earlier, the Reserve Bank of India (RBI) took major action against Paytm Payments Bank Limited and ordered it to stop its banking services from February 29. However, the deadline has been extended to March 15.

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