Delhi High Court orders winding up of Paytm Payments Bank, says RBI

The Delhi High Court has ordered that Paytm Payments Bank Limited (PPBL) be wound up, the Reserve Bank said on Tuesday, July 28.

In April this year, the Reserve Bank of India (RBI) had cancelled the banking licence issued to PPBL for non-compliance with regulatory norms, saying that the affairs of the bank were conducted in a manner detrimental to the interest of its depositors.