RBI cancels licence of Paytm Payments Bank, cites compliance issues
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The Reserve Bank of India (RBI) said on Friday that it has cancelled the banking licence of Paytm Payments Bank Limited, more than two years after imposing business restrictions over regulatory violations, including lapses in customer due diligence.
Paytm Payments Bank, backed by One97 Communications, received a limited banking licence in August 2015, allowing it to accept small deposits but not issue loans. The company previously counted China’s Ant Group and Japan’s SoftBank among its investors.
In January 2024, the RBI directed the bank to stop accepting new deposits, citing non-compliance with rules related to customer due diligence, use of funds and technology systems.
The RBI said it will apply to the high court to wind up the bank.
The bank remains operational but with significant restrictions. It can process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, according to its website, but cannot accept fresh deposits.
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Telangana Jagruthi president and Former CM K Chandrasekhar Rao's daughter, K Kavitha, on Saturday launched a political outfit, named 'Telangana Rashtra Sena' (TRS).
Kavitha announced her party's name at an event held on the city outskirts.
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The Election Commission has directed the West Bengal government to suspend five police officials in Diamond Harbour and initiate disciplinary action against them, for "serious misconduct" and allegedly failing to maintain neutrality during the assembly polls, officials said on Saturday.
In a communication to the state chief secretary, the poll panel said the action followed a report submitted by the Chief Electoral Officer (CEO) of West Bengal about the conduct of police personnel.
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Social activist Anna Hazare has said Raghav Chadha and six other Aam Aadmi Party (AAP) Rajya Sabha members would not have quit the party had it followed the "right" path.
"Everyone has the right to hold an opinion in a democracy. They (Chadha and others) must have faced some trouble, which is why they left," Hazare told reporters on Friday in Ahilyanagar district of Maharashtra.
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No repoll has been recommended in any of the polling stations in West Bengal and Tamil Nadu where assembly elections were held on Thursday, the EC officials said on Saturday.
While all 234 assembly seats in Tamil Nadu went to vote in a single phase, 152 seats in West Bengal voted in the first phase.
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Delhi Chief Minister Rekha Gupta said on Friday that the exodus of seven Rajya Sabha MPs of the AAP is a "direct blow" to the "dictatorship" of party supremo Arvind Kejriwal.
The AAP suffered a jolt on Friday as seven of its Rajya Sabha MPs, including Raghav Chadha, Ashok Mittal and Sandeep Pathak, quit the party, with Chadha asserting that the Arvind Kejriwal-led party had strayed from its principles.
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