{"id":89045,"date":"2026-04-27T00:00:00","date_gmt":"2026-04-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=89045"},"modified":"2026-04-27T10:03:56","modified_gmt":"2026-04-27T10:03:56","slug":"this-afternoon-rbi-shuts-down-paytm-payments-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/27\/this-afternoon-rbi-shuts-down-paytm-payments-bank\/","title":{"rendered":"THIS AFTERNOON: RBI shuts down Paytm Payments Bank"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good afternoon, <\/strong><strong>everyone, and happy Monday. <\/strong>We are kicking off the week with a light issue covering the cascading economic fallout from the regional conflict across real estate, trade, and energy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The big story today is a deep dive into how war-driven downbeat sentiment is cooling Dubai\u2019s real estate market<\/strong>, transforming Indian investors\u2014the emirate\u2019s largest overseas buyer base \u2014 from eager purchasers to cautious bargain hunters.<\/p>\n<p><strong>Plus: We take a close look at the mounting pressure on India's multi-bn-USD gems and jewelry sector, <\/strong>as the ongoing regional conflict fractures its critical trade corridor through Dubai.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- India is pivoting heavily toward the US for its LPG imports as Gulf shipments plummet amid shipping disruptions <\/strong>\u2014 the oil shock has hit the core business of the country\u2019s largest refiner, Reliance Industries, shaving 13% off its quarterly bottom line.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/sub.ent.news\/menaplus\/\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1023.jpg?ssl=1\"\/><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meet EnterpriseAM MENA+, our new flagship newsletter<\/strong> covering the flows of capital, people, and ideas across the Middle East \u2014 and beyond it.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MENA+ covers AI and tech \u2014 and geopolitics, the war for talent<\/strong>, which BSD is on top (and who's gunning for them), the changing energy economy, new corridors to India and China, and much, much more.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s with the \u201c+\u201d in MENA+? <\/strong>We think one of the most powerful stories in the region is the *export* of ideas and capital not just to neighboring regions (Asia, the Stans) but to international financial centers. MENA countries are jockeying for position in the new global economy now taking shape, and we're going to shape that conversation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/menaplus\/\" style=\"\">Tap or click here to get your own copy<\/a><\/strong> delivered to your inbox every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 11am Egypt.<\/p>\n<p class=\"tag-border-left\">Watch this space <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>BANKING \u2014 <\/strong><strong>The<\/strong><strong> Reserve Bank of India (RBI) has canceled the banking <\/strong><strong>license of Mumbai-based digital bank Paytm Payments Bank<\/strong>, more than two years after imposing curbs for persistent non-compliance, according to a <a target=\"_blank\" href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=62621\" style=\"\">press release<\/a>. The regulator said the bank\u2019s operations were \u201cdetrimental\u201d to depositors and public interest, adding it will seek its winding up through the courts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi Investment Authority was a notable anchor <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/1961596\/business-economy\" style=\"\">investor<\/a><\/strong><strong> in parent firm Paytm\u2019s USD 2.5 bn IPO back in 2021.<\/strong> In December last year, Paytm (One97 Communications) <a target=\"_blank\" href=\"https:\/\/m.economictimes.com\/industry\/banking\/finance\/paytms-uae-based-arm-to-sell-49-stake-to-emmar-properties-founder-firm-agohl\/articleshow\/126124896.cms\" style=\"\">sold<\/a> a 49% stake in its UAE subsidiary, Paytm Arab Payments, to Abbar Global Opportunities Holdings, owned by Mohamed Ali Rashed Alabbar, the founder of Emaar Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know: <\/strong>Restrictions were first imposed in January 2024, when the bank was barred from accepting fresh deposits over failures in customer due diligence, fund flows, and technology systems. Since then, operations were limited to withdrawals and basic services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Impact on parent company: <\/strong>The bank is backed by One97 Communications, which holds a 51% stake, with the rest owned by founder Vijay Shekhar Sharma. Paytm stated the licence cancellation will not materially impact its business, as the payments bank operated independently.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The Payments Bank license was designed to democratize deposits without the weight of a full banking license. The RBI\u2019s decision reflects part of the declining relevance of payments banks amid the rise of UPI-based transactions and rising compliance costs, raising questions over the viability of the model. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>ENERGY \u2014 <\/strong><strong>India<\/strong><strong>\u2019s liquefied petroleum gas (LPG) imports from the US have surged as Gulf supply remains disrupted<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.business-standard.com\/economy\/news\/india-leans-on-us-for-lpg-amid-few-alternatives-to-replace-gulf-supplies-126042600684_1.html\" style=\"\">Business Standard<\/a> reports. Indian refiners had sourced about 361k tonnes from the US by 25 April, making it the largest supplier this month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, shipments from traditional Gulf suppliers have plummeted. <\/strong>Imports from the UAE \u2014 India\u2019s largest LPG source \u2014 fell 74% to 163k tons in April from 626k tons in February. Purchases from Qatar dropped nearly 80% this month compared to February, while Saudi Arabia fell 59%, and Kuwait plunged over 95%, the news outlet reports, citing Kpler data.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>India\u2019s efforts to diversify have yielded only marginal volumes from countries like Argentina and Chile due to limited global spare capacity. In the near term, replacing Gulf supply will remain difficult without stability in key shipping routes like the Strait of Hormuz. Supply disruptions have already hit consumption, with LPG demand declining in March as the government <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/22\/india-bolsters-piped-gas-supply-amid-supply-gcc-disruptions\/\" style=\"\">accelerated piped natural gas connections<\/a> to reduce reliance on imports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/2f922f3f-8232-4541-bfeb-66697b1d8790?syn-25a6b1a6=1\" style=\"\">latest developments<\/a><\/strong><strong> from yesterday\u2019s shooting at the White House <\/strong><strong>correspondents\u2019 dinner are dominating the front pages<\/strong>, a few other stories have caught our attention: <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our daily update on ceasefire negotiations: <\/strong>After the latest round of discussions between the US and Iran fell through, US President Donald Trump appears to have left the ball in Tehran\u2019s court, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/trump-tells-fox-news-iran-can-call-us-if-it-wants-negotiate-2026-04-26\/\" style=\"\">saying<\/a> Iran can reach out by phone to continue negotiations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And in markets: <\/strong>Bullish sentiment over AI appears to have <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/stocks\/the-ai-frenzy-is-back-and-lifting-the-entire-stock-market-to-record-highs-5d5586ac?mod=hp_lead_pos3\" style=\"\">pushed equities to record highs<\/a>. Since the outbreak of the regional war, 82 stocks, most of which are tied to the AI boom, have posted gains above 10%, which the Wall Street Journal attributed to investor confidence in data-center construction and infrastructure providers like Nvidia. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of AI: <\/strong>According to new reports, AI may end up costing businesses more than human labor, with computing costs <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2026\/04\/26\/ai-cost-human-workers\" style=\"\">exceeding<\/a> salaries in some cases. Firms like Uber are seeing AI costs skyrocket, with some estimates placing global IT spending at USD 6.3 tn in 2026 \u2014 a 13% y-o-y jump.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the (shrinking?) world of human achievement<\/strong>, Kenyan athlete Sabastian Sawe <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c77a8a7a-8163-4344-87f4-8e2aca44a72d?syn-25a6b1a6=1\" style=\"\">made<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c77a8a7a-8163-4344-87f4-8e2aca44a72d?syn-25a6b1a6=1\" style=\"\">history<\/a> yesterday as the first runner to ever finish a competitive marathon in under two hours. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>YOU\u2019RE READING EnterpriseAM MENA - India, your C-suite briefing<\/strong> on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this briefing? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">Tap or click here to sign up without charge for your own<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">copy<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Circle your calendar<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays, and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: LPG sourcing shifts to US as Middle East tightens<\/p>\n","protected":false},"author":1,"featured_media":89046,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2895,2402,2615,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-digital-payments","tag-enterpriseam-india","tag-rbi","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"b8e82500-257d-4e2c-a571-f7336e106126","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/12\/399.jpg","photo_position":"above","homepage_title":"","full_issue_title":"RBI cancels Paytm Payments Bank\u2019s license","related_issue":[89043],"teaser":"Plus: LPG sourcing shifts to US as Middle East tightens"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS AFTERNOON: RBI shuts down Paytm Payments Bank - MENA India Corridors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/27\/this-afternoon-rbi-shuts-down-paytm-payments-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS AFTERNOON: RBI shuts down Paytm Payments Bank\" \/>\n<meta property=\"og:description\" content=\"Plus: LPG sourcing shifts to US as Middle East tightens\" \/>\n<meta property=\"og:url\" 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