India's Financial Intelligence Unit fines Paytm Payments Bank

India's Financial Intelligence Unit fines Paytm Payments Bank

FILE PHOTO: A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad, India, January 31, 2019. REUTERS/Amit Dave

India’s Financial Intelligence Unit (FIU) on Friday imposed a penalty of 54.9 million rupees ($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.