India, July 28 -- Months after getting its banking licence revoked, Paytm Payments Bank (PPBL) has been served an order by the Delhi High Court (HC) to wind down its operations completely.

In an order passed last week, the HC directed Paytm's practically defunct banking arm to liquidate, as applicable under the Banking Regulation Act. The HC appointed ex-SBI Payment Services MD and CEO Girikumar M. Nari as the official liquidator to oversee the process.

This follows the RBI's cancellation of PPBL's banking licence in April, a decision that was enacted about two years after the apex bank ordered it to stop accepting fresh deposits or adding funds to existing accounts, wallets and prepaid instruments.

At the time of the licence cancellat...