Bhubaneswar: The Reserve Bank of India (RBI) has cancelled the banking licence of Paytm Payments Bank Limited, effectively ending its operations as a bank from the close of business on April 24, 2026.
In an official order, the RBI stated that the licence was withdrawn under Section 22(4) of the Banking Regulation Act, 1949. The decision means the entity can no longer carry out regulated banking activities.
The move marks a significant regulatory action in India’s fintech and payments banking space, where Paytm Payments Bank had been a major player offering services such as savings accounts, digital payments, and wallet-linked banking solutions.
Further details regarding the transition of existing customers, including handling of deposits and services, are expected to be clarified by the regulator and the company in due course.
-OdishaAge
