Delhi High Court orders Paytm Payments Bank winding up
Paytm Payments Bank (PPBL) is officially being wound up after the Delhi High Court agreed to the Reserve Bank of India's (RBI) request.
The RBI had already canceled the bank's license in April, saying it wasn't following rules and was putting depositors at risk.
This move comes under India's banking and company laws, aiming to make sure things are wrapped up properly.
Girikumar M Nair appointed PPBL liquidator
Girikumar M Nair, who used to be a top manager at State Bank of India, has been put in charge as the liquidator.
He'll handle everything from July 8 onward, with full authority over PPBL's board.
The move is aimed at ensuring customers' interests are protected while the bank closes down.
PPBL faced regulatory curbs since 2022
Paytm Payments Bank has faced regulatory trouble since 2022, first being stopped from adding new users, then getting more restrictions on deposits and wallet top-ups in early 2024.
All these issues eventually led to the recent winding-up order.