RBI Cancels Licence Of Paytm Payments Bank
New Delhi: The Reserve Bank of India (RBI) has cancelled the banking licence of Paytm Payments Bank Limited under Section 22(4) of the Banking Regulation Act, 1949 ('BR Act'). The order is effective from close of business on April 24, 2026.
The central bank stated that Paytm Payments Bank failed to comply with the conditions of the licence.
Paytm Payments Bank Limited is now prohibited from conducting the business of 'banking' as defined in Section 5(b) or any additional business specified under Section 6 of the Banking Regulation Act, 1949 with immediate effect. RBI will make an application for winding up of the bank before the High Court.
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