Banking Licence of Paytm Payments Bank Cancelled Effective April 24

The Reserve Bank of India has cancelled the banking licence of Paytm Payments Bank Limited under Section 22(4) of the Banking Regulation Act, 1949, with effect from the close of business on April 24, 2026.

Following the cancellation, Paytm Payments Bank Limited has been prohibited from carrying out the business of banking as defined under Section 5(b) of the Act, along with any additional business activities specified under Section 6 of the Banking Regulation Act, with immediate effect.

The RBI also said it will file an application before the High Court for winding up of the bank.

The move marks a major regulatory action in India’s banking sector and is likely to have significant implications for customers, operations, and the wider digital payments ecosystem.

Further details regarding customer deposits, service transitions, and related procedures are expected to be clarified through subsequent official announcements.