RBI cancels Paytm Payments Bank licence: What it means for customers and their deposits
The RBI has cancelled the licence of Paytm Payments Bank over serious compliance violations and governance concerns. The bank can no longer provide banking services and the central bank will move the High Court for its closure. New Delhi: 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. Why was the licence cancelled? According to the RBI, the bank's operations were being conducted in a manner that was detrimental not only to the institution but also to its customers. This was found to be in violation of Section 22...