India · Updated 7 Oct, 06:58 pm IST

RBI removes Paytm Payments Bank from list of scheduled banks

Why it matters for readers: It explains why a well-known payments bank lost its official status after failing to meet RBI standards.

The RBI officially excluded Paytm Payments Bank from the Second Schedule to the Reserve Bank of India Act, 1934.1 2
The central bank had cancelled PPBL's banking licence in April for non-compliance and said the bank's affairs were detrimental to depositors' interests.1 2
A notification about the exclusion was published on July 31 and later appeared in the Gazette of India in September.1
Earlier regulatory actions included a March 2022 bar on PPBL from onboarding new customers, and the Delhi High Court ordered the bank to be wound up.1

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7 Oct, 06:10 pm · ET Tech
RBI removes Paytm Payments Bank from list of scheduled banks
7 Oct, 06:58 pm · YourStory
RBI removes Paytm Payments Bank from list of scheduled banks