Delhi HC orders winding up of Paytm Payments Bank, appoints former SBI official as liquidator
The Delhi High Court has ordered the winding up of Paytm Payments Bank Ltd (PPBL), three months after the Reserve Bank of India cancelled its banking licence, drawing the curtains on the payments bank’s operations.
Through orders dated July 8 and July 22, the court directed that PPBL be wound up under the Banking Regulation Act, 1949.
The court appointed Girikumar M Nair, a former chief general manager of State Bank of India, as the official liquidator of PPBL. With effect from July 8, Nair will exercise all the powers of the bank’s board and oversee the winding-up process, including the settlement of liabilities and repayment of depositors.
