Brief by Shorts91 Newsdesk / 02:45pm on 24 Apr 2026,Friday India
The Reserve Bank of India (RBI) has revoked the banking licence of Paytm Payments Bank, effective April 24, 2026, ending its ability to operate as a bank. The action, taken under the Banking Regulation Act, follows prolonged regulatory concerns including lapses in customer due diligence, governance, and compliance. RBI said the bank’s operations were not in the interest of depositors and will now approach the High Court to initiate winding-up proceedings. Existing customers can withdraw deposits, as the bank has sufficient liquidity to meet obligations. The move marks a major crackdown in India’s fintech sector and signals stricter regulatory enforcement. (PC: The Times of India)
