Mumbai, July 29: Paytm Payments Bank is set to close completely following an order from the Delhi High Court, as confirmed by the Reserve Bank of India (RBI). The court has appointed Girikumar M. Nair, a former Chief General Manager of SBI, as the official liquidator for the bank. Nair has been exercising all powers of the Paytm Payments Bank board since July 8, 2026.
The RBI had previously revoked the bank’s banking license in April 2026 due to ongoing non-compliance with regulations, stating that the bank’s operations were against the interests of depositors. The RBI has clarified that it will pursue the closure of the bank through the Delhi High Court.
Despite the shutdown of Paytm Payments Bank, services such as the Paytm app, UPI, and other digital payment services will continue to operate independently, as they are separate from the bank’s operations.
Paytm Payments Bank, launched in 2017, aimed to provide digital banking services, savings accounts, UPI, wallets, FASTag, and other payment services, but was not permitted to offer loans due to regulations governing payments banks.