NewzVille Desk
The Reserve Bank of India (RBI) has said it has cancelled the banking licence issued to Paytm Payments Bank Limited.
With this, Paytm Payments Bank has been officially barred from conducting any banking business, following years of regulatory friction and persistent non-compliance.
The licence was cancelled as the “affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors”. The RBI said on Friday it would make an application for winding up of the bank before the high court.
