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RBI Cancels Paytm Payments Bank Licence

The Reserve Bank of India has cancelled the banking licence of Paytm Payments Bank Ltd (PPBL) effective April 24, citing persistent compliance issues and operations detrimental to depositors and public interest. The action follows over two years of regulatory scrutiny and a 2024 ban on fresh deposits. While Paytm's core services including UPI payments, QR scans, and merchant payments remain unaffected, users with PPBL wallets or accounts must withdraw or transfer funds as the bank winds down.

RBI revokes Paytm Payments Bank's banking licence

The Reserve Bank of India has cancelled the banking licence of Paytm Payments Bank Limited, effective April 24. The central bank cited violations of the Banking Regulation Act, including mismanagement and failure to protect depositor interests. The RBI will initiate winding-up proceedings, assuring depositors of full repayment.