<p>Mumbai: The <a href="https://www.deccanherald.com/tags/reserve-bank-of-india">Reserve Bank of India</a> on Friday said it has cancelled the banking licence issued to Paytm Payments Bank.</p>.<p>The licence was cancelled as the "affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors", the RBI said in a statement.</p>.Reserve Bank of India to compensate Rs 25,000 to bank customers hit by digital fraud.<p>"The general character of the management of the bank is prejudicial to the interest of depositors as also the public interest," it said.</p>.<p>Consequently, Paytm Payments Bank is prohibited from conducting any "banking" business, it said.</p>.<p>The RBI also said it will make an application to the high court to wind up the bank.</p>.Reserve Bank of India MPC keeps repo rate unchanged at 5.25%; GDP forecast revised to 7.4% for FY26.<p>"Paytm Payments Bank Limited has enough liquidity to repay its entire deposit liability upon winding up of the bank," it said.</p>.<p>Paytm Payments Bank has been barred from onboarding new customers with effect from March 11, 2022.</p>
<p>Mumbai: The <a href="https://www.deccanherald.com/tags/reserve-bank-of-india">Reserve Bank of India</a> on Friday said it has cancelled the banking licence issued to Paytm Payments Bank.</p>.<p>The licence was cancelled as the "affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors", the RBI said in a statement.</p>.Reserve Bank of India to compensate Rs 25,000 to bank customers hit by digital fraud.<p>"The general character of the management of the bank is prejudicial to the interest of depositors as also the public interest," it said.</p>.<p>Consequently, Paytm Payments Bank is prohibited from conducting any "banking" business, it said.</p>.<p>The RBI also said it will make an application to the high court to wind up the bank.</p>.Reserve Bank of India MPC keeps repo rate unchanged at 5.25%; GDP forecast revised to 7.4% for FY26.<p>"Paytm Payments Bank Limited has enough liquidity to repay its entire deposit liability upon winding up of the bank," it said.</p>.<p>Paytm Payments Bank has been barred from onboarding new customers with effect from March 11, 2022.</p>