English हिन्दी
Connect with us

India News

Paytm Payments Bank licence cancelled by RBI, regulator moves for winding up

RBI revokes Paytm Payments Bank licence over regulatory violations and begins winding-up process.

Published

on

Reserve Bank of India

Central bank cites regulatory violations and depositor interest concerns, initiates process to shut down operations

The Reserve Bank of India (RBI) has cancelled the banking licence of Paytm Payments Bank Limited, marking a major regulatory action against one of India’s prominent digital banking entities. The decision came into effect from the close of business on April 24, 2026.

With the licence revoked, the bank is no longer permitted to carry out any banking activities, including accepting deposits or offering services defined under banking laws. The RBI has also said it will approach the High Court to initiate the process of winding up the bank.

Reasons behind RBI action

The central bank cited multiple serious concerns in its order. It stated that the affairs of the bank were conducted in a manner detrimental to the interests of depositors and the broader public. Additionally, the management practices were found to be prejudicial to depositor interests.

The RBI further noted that the bank failed to comply with conditions attached to its payments bank licence, and allowing it to continue operations would not serve any public interest.

Long history of regulatory issues

The latest move comes after prolonged regulatory scrutiny. Earlier, in January 2024, the RBI had already barred Paytm Payments Bank from accepting fresh deposits due to non-compliance issues, including lapses in customer due diligence, fund usage, and technology systems.

Over time, restrictions tightened as the bank failed to address regulatory concerns, ultimately leading to the cancellation of its licence.

What happens to customers

Despite the shutdown process, the RBI has indicated that the bank has sufficient liquidity to repay its depositors during the winding-up phase.

Customers are expected to be able to withdraw their existing funds, although the bank will not be allowed to continue normal banking operations going forward.

Impact on fintech sector

The cancellation of Paytm Payments Bank’s licence is being seen as one of the strongest regulatory actions in India’s fintech space. It signals stricter enforcement of compliance norms and could have wider implications for digital banking and payments companies operating under similar frameworks.

Continue Reading

India News

Delhi government announces two work-from-home days weekly for offices after PM Modi’s fuel-saving appeal

Delhi government employees will work from home twice a week under a new fuel conservation initiative announced by Chief Minister Rekha Gupta following Prime Minister Narendra Modi’s appeal for energy-saving measures.

Published

on

Rekha Gupta cm

Delhi Chief Minister Rekha Gupta on Thursday announced that government offices in the national capital will observe two work-from-home days every week as part of a broader fuel conservation campaign launched after Prime Minister Narendra Modi urged citizens to reduce fuel consumption amid global economic uncertainty.

The measures, which will take effect from Friday, are part of the Delhi government’s “Mera Bharat Mera Yogdan” campaign aimed at promoting sustainable practices, reducing fuel usage and improving energy efficiency across departments.

Under the new policy, ministers, officers and government employees will also participate in a “Monday Metro” initiative, encouraging the use of public transport instead of private vehicles. Citizens have additionally been urged to observe one “No Vehicle Day” every week.

The Delhi government said no new petrol, diesel or electric vehicles would be purchased for the next six months. Officials also announced a one-year halt on official foreign travel for ministers and officers as part of the austerity measures.

The Chief Minister’s convoy has also been reduced to four vehicles, including two electric vehicles, in a move the government described as an effort to encourage cleaner mobility and lower fuel use.

Additional measures include increasing transport allowance for employees by 10%, installing master switches in government offices to reduce electricity wastage, and fixing air-conditioner temperatures between 24 and 26 degrees Celsius.

The government has also requested universities and educational institutions to conduct non-practical classes online to cut travel-related fuel consumption.

Prime Minister Modi had recently appealed to citizens to conserve fuel, use public transport, adopt carpooling and revive work-from-home arrangements wherever possible due to concerns over global supply disruptions and rising fuel prices linked to tensions in West Asia.

Continue Reading

India News

India bans sugar exports till September 2026 amid domestic supply concerns

India has banned sugar exports with immediate effect until September 2026 or until further orders to stabilise domestic supply and control prices.

Published

on

The Indian government has banned the export of sugar with immediate effect until September 30, 2026, or until further orders, in a move aimed at addressing domestic supply concerns and stabilising local prices.

According to an order issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, the restriction applies to raw, white and refined sugar shipments.

The policy shift effectively changes the export status from “restricted” to “prohibited,” marking a significant tightening of India’s sugar export regime.

Shift from earlier export allowance

India had previously permitted limited sugar exports based on expectations of surplus production. However, the latest decision reverses that stance amid evolving supply conditions.

The move is intended to ensure sufficient domestic availability of sugar and control price pressures in the local market.

Key impact on trade and shipments

The ban will apply to all new export consignments of sugar categories covered under the order. However, exemptions may apply for shipments already in the pipeline, depending on compliance with specified conditions set by authorities.

The restriction is expected to significantly impact sugar trade flows, given India’s position as one of the world’s largest sugar producers and exporters.

Continue Reading

India News

Congress ends Kerala suspense, VD Satheesan to be CM

Congress has named V D Satheesan as the next chief minister of Kerala, concluding its internal deliberations over the state leadership.

Published

on

VD Satheesan

The Congress party has announced that V D Satheesan will be the next Chief Minister of Kerala, ending days of speculation over the leadership choice following the United Democratic Front’s (UDF) recent electoral victory.

The decision was taken by the party leadership after internal discussions and comes amid intense lobbying among senior leaders for the top post.

Leadership decision after prolonged suspense

According to reports, the announcement was made after a series of meetings within the Congress high command, which had been deliberating between multiple contenders for the chief minister’s post.

Satheesan, who currently serves as the Leader of the Opposition in the Kerala Legislative Assembly, emerged as the final choice after discussions involving senior party leadership in Delhi.

Who is V D Satheesan

V D Satheesan is a senior Congress leader from Kerala and has been one of the party’s most prominent faces in the state. He has served as Leader of the Opposition in the Kerala Assembly since 2021 and has represented the Paravur constituency multiple times.

He is widely seen as a key strategist within the Congress-led UDF in Kerala.

Internal competition within Congress

The selection process had reportedly seen competition among several senior leaders, including K C Venugopal and Ramesh Chennithala, before the party finalized Satheesan’s name.

The delay in announcing the chief minister had led to speculation and political debate within Kerala’s political circles.

UDF returns to power in Kerala

The announcement follows the United Democratic Front’s electoral victory in the state, which ended the Left Democratic Front’s (LDF) tenure in Kerala politics.

The new government formation is expected to take place soon after the formal swearing-in process is completed.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com