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Vijay Shekhar Sharma, the billionaire founder of Paytm, has resigned from the board of Paytm Payments Bank following new regulatory curbs. Paytm and its payments bank unit have agreed to discontinue various inter-company agreements to reduce dependencies. The Financial Intelligence Unit-India imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for money laundering violations.
#India’s financial intelligence unit has imposed a 55 million rupees ($663,380) fine on #Paytm’s banking affiliate. https://t.co/oux9RKQOU6
#Paytm Payments Bank fined Rs 5.49 crore for violating money laundering norms https://t.co/2cBAQYhJSI
India's Paytm Payments Bank fined over $662,000 for alleged money laundering https://t.co/XmPTpWJlev https://t.co/VNIutSUm5T
