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India's Central Bank Finalizes Paytm Bank Closure
28 Jul
Summary
- Delhi High Court ordered the winding up of Paytm Payments Bank.
- RBI cancelled the bank's license in April 2026 due to misconduct.
- A former SBI executive will oversee the liquidation process.
The Delhi High Court has mandated the liquidation of Paytm Payments Bank, concluding a significant regulatory action. This order follows the Reserve Bank of India's (RBI) cancellation of the bank's license on April 24, 2026. The central bank had stated that the bank's operations were conducted in a manner detrimental to its customers and depositors.
Girikumar M. Nair, a former executive from the State Bank of India, has been appointed as the official liquidator. He will assume all powers previously held by the bank's board, effective from July 8, 2026. Paytm Payments Bank was once a prominent player in India's digital payments sector, having received its license in 2015.
