27 mins ago
27 mins ago | National
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Reserve Bank of India Cancels Banking Licence of Paytm Payments Bank
The Reserve Bank of India has cancelled the banking licence issued to Paytm Payments Bank Limited. In a statement, RBI said the bank is prohibited to conduct any business from immediate effect. The apex bank has however clarified that Paytm Payments Bank Limited has enough liquidity to repay its entire deposit liability upon winding up operations.
The RBI further informed that the action follows its orders dated March 2022 wherein the bank was directed to stop onboarding of new customers, followed by additional business restrictions imposed in early 2024, disallowing any further deposits, credits and top-ups in existing customer accounts and prepaid instruments, among others.
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