On November 9, 2016, Paytm ran a full-page ad congratulating the government on demonetization.

Within weeks, their user base jumped from 150M to 170M. SoftBank put in $1.4 billion. Berkshire Hathaway made their first-ever Indian investment.

By 2021, they had 330+ million users and came up with India's largest-ever IPO.

And now, in April 2026, the RBI ordered the cancellation of their banking license.

BUT WHY?

Read the full story to understand exactly what went wrong inside Paytm, and what is actually happening with them right now.