The Reserve Bank of India (RBI) has made a big blow to payment applications. Paytm and its users, as the authorities have officially announced that the licence of Paytm Payments Bank has been cancelled. This will affect lots of customers across the country. So let us get into the article to learn the details.
It is officially announced that Paytm Payments Bank Limited can no longer operate its banking business, under Section 22(4) of the Banking Regulation Act, 1949.
The Paytm Payments Bank has been under regulatory scrutiny for the past few years, and the RBI previously directed the bank to stop onboarding new customers with effect from March 11, 2022. Now it is completely prohibited on an immediate basis.
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