Paytm Payments Bank (PPBL) is to be wound up, months after the Reserve Bank of India (RBI) cancelled its banking licence over regulatory breaches, the central bank said.
The RBI had withdrawn PPBL’s licence in April 2026, citing continued non-compliance with regulatory requirements.
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At the time, it said the bank’s affairs were being conducted in a manner detrimental to the interests of depositors and that it would seek a winding-up order.
In a statement, the RBI said, “By an Order dated July 08, 2026 read with the Order dated July 22, 2026, the Hon’ble High Court of Delhi has ordered that PPBL be wound up under the provisions of the Banking Regulation Act, 1949 read with the provisions of the Companies Act, 2013.”
The central bank said Girikumar Nair, former chief general manager of State Bank of India, has been appointed as the official liquidator of PPBL.
According to the RBI, the official liquidator has been authorised to exercise all powers available under the Banking Regulation Act, 1949, along with relevant provisions of the Companies Act, 2013.
The regulator also said the official liquidator has been exercising all powers of PPBL’s board from 8 July 2026.
Paytm Payments Bank, an associate of Vijay Shekhar Sharma-led fintech company Paytm, had faced repeated regulatory action over the past few years.
In March 2022, the RBI barred the bank from taking on new customers after identifying “material supervisory concerns”.
It also directed the bank to appoint an IT audit firm to carry out a comprehensive review of its technology systems.
The restrictions tightened further in 2024. On January 31 and February 16 that year, the RBI imposed additional curbs, including a ban on fresh deposits, credits and top-ups in existing customer accounts, prepaid instruments and wallets.
When it revoked the licence earlier this year, the RBI said the bank’s affairs were being conducted in a manner detrimental to both its own interests and those of its depositors.
