Published • loading... • Updated
Delhi HC Orders Winding up of Paytm Payments Bank, Appoints Former SBI Official as Liquidator
The court appointed a former State Bank of India executive to oversee liquidation after the Reserve Bank of India said the bank had violated licence conditions.
- On Tuesday, the Delhi High Court ordered the winding up of Paytm Payments Bank Limited , finalizing the closure initiated by the Reserve Bank of India .
- This liquidation follows the RBI's decision on April 24 to cancel PPBL's banking licence, citing serious regulatory violations and management concerns prejudicial to public interest.
- The court appointed Girikumar M Nair, a former Chief General Manager of State Bank of India, as the Official Liquidator to oversee the process under the Banking Regulation Act and Companies Act.
- Effective July 8, Nair assumed all powers of the PPBL Board, overseeing settlement of liabilities and repayment of depositors as the bank maintains sufficient liquidity.
- This winding-up order applies specifically to the payments bank entity and does not stop services offered through the broader Paytm platform, which continues using other banking partners.
Insights by Ground AI
14 Articles
14 Articles
aninews.inReposted by 
Latestly
LatestlyDelhi HC orders winding up of Paytm Payments Bank, appoints former SBI CGM Girikumar M Nair as official liquidator
The Delhi High Court has ordered the winding up of Paytm Payments Bank Limited (PPBL) and appointed former State Bank of India (SBI) Chief General Manager Girikumar M Nair as the Official Liquidator, the Reserve Bank of India (RBI) said on Tuesday.
·India
Read Full Article
Coverage Details
Total News Sources14
Leaning Left1Leaning Right6Center2Last UpdatedBias Distribution67% Right
Bias Distribution
- 67% of the sources lean Right
67% Right
11%
C 22%
R 67%
Factuality
To view factuality data please Upgrade to Premium
