The High Court appointed Girikumar M Nair, a former Chief General Manager of State Bank of India, as the official liquidator.

The Delhi High Court ordered the official winding up of Paytm Payments Bank Limited following directives from the Reserve Bank of India. The central bank had previously cancelled the payment bank's license in April 2026 over persistent regulatory non-compliance. The banking regulator determined that the financial entity operated in a manner detrimental to the overall interests of its depositors.

Pursuant to court orders issued on July 8 and July 22, the central bank initiated statutory winding up procedures under the Banking Regulation Act. The legal proceedings mark the culmination of extended regulatory scrutiny faced by the associate firm of One97 Communications. The Reserve Bank formally petitioned the High Court to initiate official liquidation proceedings to safeguard public financial interest.

The High Court appointed Girikumar M Nair, a former Chief General Manager of State Bank of India, as the official liquidator. Effective from July 8, 2026, the appointed liquidator assumes all administrative powers previously exercised by the bank’s board of directors. His primary responsibilities include managing assets and overseeing smooth liquidation operations.

Paytm Payments Bank faced repeated supervisory interventions from the central bank dating back to March 2022. Regulators initially barred the entity from onboarding new customers due to material supervisory concerns. Subsequent enforcement actions in early 2024 restricted fresh deposits, credit transactions, and wallet top-ups across all customer accounts.

The formal winding up order enforces strict regulatory compliance within India's fintech and payments sector.