More than two years after barring Paytm Payments Bank from accepting deposits or top-ups, the Reserve Bank of India (RBI) Friday scrapped its banking licence with immediate effect.  The central bank said the bank’s operations were conducted in a way that was “detrimental to the interest of the bank and its depositors.” Founded by One97 Communications and Vijay Shekhar Sharma, the payments bank will now be wound up, with the RBI set to approach the High Court for the process. Sharma held a 51% stake, while One97 Communications owned 49%. Payments banks in India are tightly restricted — they can accept deposits only up to Rs two lakh per customer and are not allowed to offer loans or credit cards. Under RBI scrutiny since 2018 Paytm Payments Bank has been under regulatory scrutiny since 2018 owing to multiple compliance concerns. The central bank identified violations related to know-your-customer (KYC) norms — rules designed to verify customer identities and prevent financial fraud.…