The Delhi High Court has ordered the winding up of Paytm Payments Bank. This directive follows the Reserve Bank of India's cancellation of its banking license. The court appointed Girikumar M Nair as the official liquidator for this process. RBI had previously cancelled the bank's license with immediate effect. These actions stem from concerns over the bank's operations and management.
In April this year, the Reserve Bank of India (RBI) had cancelled the banking licence issued to PPBL for non-compliance with norms, saying the affairs of the bank were conducted in a manner detrimental to the interest of its depositors.
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The Delhi High Court has ordered the winding up of Paytm Payments Bank. This directive follows the Reserve Bank of India's cancellation of its banking license. The court appointed Girikumar M Nair as the official liquidator for this process. RBI had previously cancelled the bank's license with immediate effect. These actions stem from concerns over the bank's operations and management.
