The Delhi High Court has ordered the winding up of Paytm Payments Bank and appointed a former State Bank of India executive as the official liquidator, marking the final step in the closure of the payments bank following a prolonged regulatory crackdown. The Reserve Bank of India had cancelled the banking licence of Paytm Payments Bank on April 24 and subsequently approached the court seeking winding-up proceedings and the appointment of a liquidator. The RBI said the affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors.
Girikumar M. Nair will oversee the liquidation process and exercise all the powers of the bank’s board with effect from July 8, the RBI said. Disclaimer: This report is auto generated from the Reuters news service.
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