The Reserve Bank of India said on Friday that it has cancelled the banking licence issued to Paytm Payments Bank Limited. In a statement, the central bank said Paytm Payments Bank can no longer carry out banking business under the Banking Regulation Act. It said the bank’s affairs and management were not in the interests of depositors or the public, adding that the bank failed to meet the conditions of its Payments Bank licence. Earlier, the bank had already been stopped from adding new customers from 11 March 2022, and later faced restrictions on deposits, credits, and top-ups in customer accounts and wallets. In January 2024, the Reserve Bank of India ordered the bank to stop accepting fresh deposits because of what it said were rule violations, including customer due diligence, use of funds, and technology infrastructure. The RBI said on Friday that it would apply to the high court to wind up the bank. While the bank remains operational, its activities are heavily restricted to processing withdrawals of existing deposits and helping with loan referrals through banking correspondents, according to its website. It cannot accept fresh deposits. Post navigation Adani Green Energy’s profit increases by 34%:Company adds record 5.1 GW capacity during FY26 Luxury investment stable; rare-antique items increased up to 13%:Now investors are only putting money in assets of historical significance
