The Reserve Bank of India on Friday said it has cancelled the banking licence issued to Paytm Payments Bank Limited.
In a release, the central bank said Paytm Payments Bank can no longer conduct banking business under the Banking Regulation Act.
It said the bank’s affairs and management were not in the interest of depositors or the public, adding that the bank failed to follow the conditions of its Payments Bank licence.
Earlier, the bank had already been barred from onboarding new customers from March 11, 2022, and later faced restrictions on deposits, credits, and top-ups in customer accounts and wallets.
In a release, the central bank said Paytm Payments Bank can no longer conduct banking business under the Banking Regulation Act.
It said the bank’s affairs and management were not in the interest of depositors or the public, adding that the bank failed to follow the conditions of its Payments Bank licence.
Earlier, the bank had already been barred from onboarding new customers from March 11, 2022, and later faced restrictions on deposits, credits, and top-ups in customer accounts and wallets.
