The Financial Intelligence Unit imposed a penalty of Rs 5.49 crore on Paytm Payments Bank, Zee Business reported.
Paytm Payments Bank news: The Financial Intelligence Unit imposed a penalty of Rs 5.49 crore on Paytm Payments Bank, Zee Business reported.
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The Financial Intelligence Unit, under the central government’s Department of Revenue, is the national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs.
Paytm Payments Bank is already under the RBI‘s lens over persistent non-compliance and continued material supervisory concerns.
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Earlier on Friday, One 97 Communications said that it along with its associate entity, Paytm Payments Bank, had introduced additional measures to strengthen their approach towards independent operations of the payments bank.
Read More: India’s Paytm Discontinues Inter-Company Agreements With Its Payments Bank
“As part of this process to reduce dependencies, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities,” One97 Communications, which owns and operates digital payments firm Paytm, said in a regulatory filing.
(This is a developing story. More details will be added shortly.)
