Case Brief
RBI cancelled the banking licence of Paytm Payments Bank Limited under Section 22(4) of the Banking Regulation Act, 1949, effective from close of business on April 24, 2026. The regulator said the bank's affairs were conducted in a manner detrimental to the interests of the bank and its depositors, its management was prejudicial to depositors and public interest, continued operation would serve no useful purpose or public interest, and the bank had failed to comply with the conditions of its Payments Bank licence, violating Section 22(3)(b), 22(3)(c), 22(3)(e), and 22(3)(g). RBI further stated it will move the High Court for winding up of the bank.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Payment entity
- Action Type