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.

According to a circular dated April 24, 2026, the RBI had cancelled PPBL’s banking license and had ordered it to stop onboarding customers, as it found that “the affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors.” Further, the RBI said the bank had not been complying with Section 22 (3) (b) of the BR Act, which protects depositor money.

The RBI had further approached the Delhi High Court to initiate winding up process of the bank. “In terms of the said Order, the Official Liquidator shall, with effect from July 8, 2026, exercise all the powers of the Board of PPBL,” it added.

Published - July 29, 2026 10:32 am IST