Paytm Bank loses permit as RBI cancels licence over norm violations

The Reserve Bank of India on April 24 said it has cancelled the banking licence issued to Paytm Payments Bank. Business has been done in manner harmful to depositors’ interest, said RBI, adding that Paytm Payments Bank failed to comply with norms stipulated in the payments bank licence issued to it.

The RBI also said it would make an application for winding up of the bank before the High Court.