Finance
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Potter HeadRBI Casts a Spell, Banishes Paytm Payments Bank License
In a dramatic twist of fate, the Reserve Bank of India has cast a powerful spell, making Paytm Payments Bank’s license disappear into the ether as of April 24, 2026. With a flourish, the central bank has initiated a grand winding-up ceremony, ensuring all depositors are repaid in full as the bank's magical operations come to a halt, leaving the wizarding world in astonishment.
few days ago | MM Desk
Quick rundown
1.RBI cancels Paytm Payments Bank's licence effective April 2026.
2.The bank is prohibited from any banking business immediately.
3.RBI to initiate winding-up proceedings for Paytm Payments Bank.
4.Paytm Payments Bank has enough liquidity to repay depositors.
5.The cancellation follows a series of regulatory actions by RBI.
