Paytm Payments Bank Hit With Penalty of Over Rs. 5 Crore by FIU

India’s Financial Intelligence Unit (FIU) on Friday imposed a penalty of Rs. 5,49,00,000 ($662,565) on Paytm’s banking arm, Paytm Payments Bank, for violations in reporting illegal money routed through its accounts, the country’s finance ministry said.

The FIU initiated a review of Paytm Payments Bank after information from law enforcement agencies about some entities engaged in illegal acts, including organising and facilitating online…