RBI cancels banking licence of Paytm Payments Bank.
The RBI on Friday announced the cancellation of banking licence issued to Paytm Payments Bank for non-compliance with norms, saying the affairs of the bank were conducted in a manner detrimental to the interest of its depositors.
The Reserve Bank of India (RBI) will make an application for winding up of the bank before the high court.The bank failed to comply with the conditions stipulated in the Payments Bank licence issued to it, the central bank said.
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