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The Delhi High Court ordered the winding up of Paytm Payments Bank Ltd (PPBL) under the Banking Regulation Act, 1949 read with the Companies Act, 2013.
Girikumar M. Nair, a former Chief General Manager of the State Bank of India, was appointed the official liquidator.
The winding up follows the RBI's cancellation of PPBL's banking licence on 24 April 2026 under Section 22(4) of the Banking Regulation Act.
The liquidator has been exercising the powers of PPBL's board since 8 July 2026.
A payments bank can accept deposits (subject to a per-customer limit), offer remittances, debit cards and payment services, but cannot give loans or issue credit cards. The model was introduced on the recommendation of the Nachiket Mor Committee to deepen financial inclusion.
Simple Analogy: Think of it as a bank that can safely hold and move your money, but is not allowed to lend it out.
Banking Awareness > RBI & Regulation
GS Paper III > Economy > Banking
A person appointed to wind up a company's affairs — realise its assets and settle liabilities