Paytm parent One97 Communications shares in focus: RBI scraps banking licence

In a hard blow to One97 Communications, the parent firm of Paytm, the Reserve Bank of India has scrapped the banking licence of Paytm Payments Bank (PPBL).

The banking regulator said the licence issued to PPBL under the Banking Regulation Act stands cancelled with effect from the close of business on April 24.

In an order dated April 24, the lender of last resort said the entity is prohibited from carrying on the business of banking with immediate effect.