Mumbai: Reserve Bank of India Friday said it has cancelled the banking licence issued to Paytm Payments Bank.
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 in a statement.
“The general character of the management of the bank is prejudicial to the interest of depositors as also the public interest,” it said.
Consequently, Paytm Payments Bank is prohibited from conducting any “banking” business, it said.
The RBI also said it will make an application to the high court to wind up the bank.
“Paytm Payments Bank Limited has enough liquidity to repay its entire deposit liability upon winding up of the bank,” it said.
Paytm Payments Bank has been barred from onboarding new customers with effect from March 11, 2022.
PTI
Orissa POST – Read’s No.1 English Daily
-
Madhya Pradesh: BJP holds legislative party meeting ahead of one-day Assembly Session
-
Confusion over LKG admission age limit continues in Udupi as government order awaited
-
Bullets fired at woman advocate's residence in Belagavi
-
Finance Minister to inaugurate IIGJ centre in Udupi on April 28
-
Lifeguard shortage in Udupi district; risk rises at beaches
