The Reserve Bank of India (RBI) has cancelled the banking licence of Paytm Payments Bank Ltd (PPBL) as of April 24, 2024, due to ongoing regulatory compliance issues that were deemed detrimental to depositors and public interest. This decision follows over two years of scrutiny and restrictions on the bank's operations, including a ban on new deposits. Despite this, Paytm has clarified that its core services, including UPI payments, QR code transactions, and other functionalities, will not be impacted. Users can continue to use the Paytm app without interruption. However, those with funds in Paytm Payments Bank wallets or accounts will need to withdraw or transfer their money as the bank winds down its operations. Paytm has stated that it has no material financial exposure to PPBL and had already written off its investment in the bank in 2024.