RBI revokes Paytm Payments Bank licence: But what happens to your Paytm Wallet, UPI, and account now?

The Reserve Bank of India (RBI) on Friday cancelled the banking licence Paytm Payments Bank for non-compliance with norms, saying that bank’s operations were detrimental to the interest of its depositors. The central will now approach the High Court to request the closure of the bank. The development is concerning for users as many must be wondering what happens to their Paytm Wallet, UPI, and account now. But, first let’s look at what RBI said:

What the RBI said?