In a major regulatory move, the Reserve Bank of India (RBI) has cancelled the banking licence of Paytm Payments Bank. The central bank confirmed the decision in an official statement, stating that the bank will no longer be allowed to offer banking services. The action has been taken due to serious concerns related to regulatory compliance and violations of norms. The RBI also assured that necessary steps will be taken to safeguard customer interests and ensure that deposits and services are not adversely affected.
RBI cancels Paytm Payments Bank licence: What it means for customers and their deposits
