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Paytm Payment Bank has received a big blow from the Reserve Bank of India (RBI). Taking a big decision on Friday, RBI has canceled the banking license of Paytm Payment Bank Limited. RBI said in its official statement that now Paytm Payment Bank will not be able to do any kind of banking work under the Banking Regulation Act. This means that the bank will no longer be able to provide normal banking services to new or old customers.

According to the central bank, the functioning and management of Paytm Payment Bank was not in the interest of the general public. Also, the bank did not properly follow many conditions related to its payments bank license. RBI had already taken strict action against this bank. The bank was barred from adding new customers from March 11, 2022. After this, many restrictions were imposed on the bank, like depositing money in accounts, crediting and top-up in wallet were also banned. Now after the cancellation of the license, the future of Paytm Payment Bank has become completely uncertain and it may also affect the customers.