India's Paytm Payments Bank fined over $662,000 for money laundering

BENGALURU (Reuters) - India's Financial Intelligence Unit on Friday imposed a penalty of 54.9 million rupees ($662,565) on Paytm's banking arm, Paytm Payments Bank, over money laundering charges, the country's finance ministry said in a statement.

($1 = 82.8598 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sohini Goswami)