Reserve Bank of India cancels licence of Paytm Payments Bank Limited

The Reserve Bank of India (RBI) on Friday said it has canceled the banking license granted to Paytm Payments Bank Limited. However, Paytm Payments Bank has been officially banned from doing any banking business due to years of regulatory disputes and constant non-compliance.

The RBI said on Friday that it would approach the high court for liquidation of the bank.
In March 2024, accepting new deposits, credit transactions or top-ups to customer accounts, wallets, FASTags or NCMC cards was prohibited.

Accordingly ReutersAccording to its website, while the bank continues to operate, its activities are severely limited to processing withdrawals of existing deposits and facilitating loan referrals through banking correspondents. Cannot accept new deposits.