RBI cancelled Paytm Payments Bank's banking licence. In June 2018, RBI found significant gaps in the bank's KYC and directed it to halt new customers' onboarding. This restriction was formally reissued with effect from March 11, 2022. RBI also imposed a penalty of ₹5.39 crore on Paytm in October 2023. In 2024, the regulator imposed business restrictions on the bank.