We acknowledge the significance of your online privacy and acknowledge that granting us permission to collect some personal information requires a great deal of trust. We seek this consent as it enables Distinct Post to offer a platform that amplifies the voices of the marginalized. By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Distinct PostDistinct Post
Aa
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Reading: India imposes fine of $663,380 on Paytm bank
Share
Aa
Distinct PostDistinct Post
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Search
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Follow US
Distinct Post > World > India > India imposes fine of $663,380 on Paytm bank
india-imposes-fine-of-663380-on-paytm-bank
BusinessIndia

India imposes fine of $663,380 on Paytm bank

Henry Ortiz Published March 2, 2024
SHARE

India’s financial intelligence unit has imposed a 55 million rupees ($663,380) fine on Paytm’s banking affiliate.

The agency said in a statement that businesses involved in illegal activities, including “organizing and facilitating online gambling,” channeled the proceeds through bank accounts maintained by Paytm Payments Bank Ltd.

“The penalty pertains to issues within a business segment that was discontinued two years ago,” a Paytm Payments Bank spokesperson said in a statement. “Following that period, we have enhanced our monitoring systems and reporting mechanisms to the Financial Intelligence Unit (FIU).’

Paytm Payments Bank Limited, an associate of Paytm, receives FIU-India directions over a business segment that was discontinued two years ago.

For more details refer to our SE filing – https://t.co/P7LQiCafx3

— Paytm (@Paytm) March 2, 2024

The Reserve Bank of India recently barred the bank from accepting fresh deposits in its customer accounts from March 15, triggering a rout in its shares. Paytm is still trading over 40 percent lower from the levels before the regulatory action.

The fine, though a fairly small amount, adds to troubles for Paytm at a time when it is trying to retain customer trust. The company earlier said it’s cutting back business ties with Paytm Payments Bank, seeking to appease regulators who are pursuing a cleaner distinction between the two.

The digital payments company’s billionaire founder Vijay Shekhar Sharma earlier this week resigned from the board of Paytm Payments Bank, of which he owns 51 percent. Paytm holds the rest.

You Might Also Like

Crude Oil Falls $5 After Iran’s Missile Strike on U.S. Airbase in Qatar

NASA Confirms Asteroid 2024 YR4 May Strike Moon in 2032

China Launches Tianwen-2 Probe for Groundbreaking Asteroid Mission

Bitcoin Hits Record High Amid Growing US Cryptocurrency Regulation Optimism

Apple Music Unveils New ‘Sound Therapy’ Collection Featuring Reimagined Tracks by Top Artists

Henry Ortiz March 2, 2024 March 2, 2024
Popular News
Entertainment

Lizzo Removed from Super Bowl Halftime Lineup Amid Allegations of Dancers’ Harassment

Jake Miller Jake Miller August 11, 2023
Brad Pitt Reflects on Early Career Struggles and the Importance of Self-Trust
Lana Del Rey hid her true identity from her new beau Jeremy Dufrene
Ukraine issues nationwide alert after warning of incoming bombers from Russian base
Justin Timberlake Announces New Album and Single Release

Categories

  • Market
  • Tech
  • Fitness
  • Food
  • Celebrity
  • Fashion
  • Beauty
  • Football
  • Cricket
  • Entertainment
    • Celebrity
    • Movies
    • Television
  • Style
    • Arts
    • Beauty
    • Fashion
  • Health
    • Fitness
    • Food
  • Sports
    • Baseball
    • Basketball
    • Cricket
    • Football
    • Olympics
  • Business
    • Market
    • Tech
Useful Links
  • About us
  • Privacy policy
  • Term Of Use

2023 © Distinct Post News & Media. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?