New Delhi, April 24 -- The Reserve Bank of India on Friday cancelled the banking licence of Paytm Payments Bank Limited with immediate effect, citing serious regulatory and governance concerns, and said it will initiate winding-up proceedings before the High Court.
The central bank, in an order dated April 24, 2026, said the licence has been revoked under the provisions of the Banking Regulation Act, effectively barring the entity from carrying out any form of banking business, including accepting deposits or offering other permitted services.
The RBI said the action was taken as the affairs of the bank were conducted in a manner detrimental to the interests of depositors, while the overall management was found to be prejudicial to public...