RBI cancels Paytm Payments Bank banking licence

The Reserve Bank of India announced on Friday that it has officially cancelled the banking licence for Paytm Payments Bank. The decision takes effect immediately.

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The central bank of India has officially revoked the banking license of the payments subsidiary belonging to ONE 97 COMMUNICATIONS LTD. The decision marks a significant regulatory move against the digital finance platform, which has faced increasing scrutiny over its operational compliance.

The logo of the Reserve Bank of India is displayed at its main office in Mumbai, photographed in April 2023. REUTERS/Francis Mascarenhas/File Photo
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