Mumbai, April 25 -- The central bank said the payments bank failed to comply with licensing conditions and that its affairs were conducted in a manner detrimental to depositors. It added that allowing the bank to continue would not serve public interest and that it would initiate winding-up proceedings before the High Court.
Following the development, One 97 Communications clarified that there is no financial or business impact on the company. It said it has no exposure to Paytm Payments Bank and no material business arrangements with the entity.
The company also noted that its investment in the payments bank had already been fully impaired as of 31 March 2024.
Paytm said all its services, including the Paytm app, UPI, payment gateway, Q...