Former SBI Chief GM to liquidate Paytm Payments Bank Ltd.
The Delhi High Court has appointed Girikumar M. Nair as the official liquidator for Paytm Payments Bank following the cancellation of its banking license by the RBI. The bank was found to be in violation of regulations meant to protect depositor interests.
Why it matters
This marks a significant regulatory enforcement action against a major fintech entity, highlighting the importance of compliance in the Indian digital banking sector.
The Delhi High Court has appointed former SBI Chief General Manager (CGM) Girikumar M. Nair to liquidate Paytm Payments Bank after the Reserve Bank of India (RBI) cancelled its banking licence three months ago.
“As per the said Order, the Official Liquidator shall exercise all the powers prescribed under the provisions of the Banking Regulation Act, 1949 along with applicable provisions of the Companies Act, 2013,” the RBI said in a circular.
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