Finance
Potter HeadRBI Wields Wand to Cancel Paytm Payments Bank's License
In a dramatic turn of events, the mighty Reserve Bank of India has waved its wand, revoking the enchanted license of Paytm Payments Bank! This magical institution, unable to conjure up compliance, must now close its doors. Fear not, for it possesses enough treasure to repay its loyal customers, but the Ministry of Banking believes its spell has run its course!
few days ago | Aman Sahu
Quick rundown
1.RBI cancels Paytm Payments Bank's license.
2.Paytm Payments Bank prohibited from banking operations.
3.RBI to apply for winding up in High Court.
4.Paytm Payments Bank has enough liquidity to repay deposits.
5.No public interest served by allowing bank to continue.
