New Delhi, April 25 -- The Reserve Bank of India (RBI) on Friday cancelled the banking licence Paytm Payments Bank for non-compliance with norms, saying that bank's operations were detrimental to the interest of its depositors. The central will now approach the High Court to request the closure of the bank. The development is concerning for users as many must be wondering what happens to their Paytm Wallet, UPI, and account now. But, first let's look at what RBI said:

The central bank said in its statement, the Paytm Payments Bank failed to comply with the conditions stipulated in the Payments Bank licence issued to it.

The licence was cancelled effective from the close of business hours on Friday, the RBI said, adding that Paytm Paymen...