RBI removes Paytm bank from scheduled bank list

What happened: The RBI removed Paytm Payments Bank from the list of recognised scheduled banks after cancelling its banking licence. PPBL was excluded from the Second Schedule to the Reserve Bank of India Act, 1934. Key numbers: Licence cancelled in April. New customer onboarding barred from March 11, 2022. Business restrictions imposed January 31, 2024 and February 16, 2024. Why it matters: Removal from the Second Schedule ends the special operational privileges that come with scheduled bank status. The Delhi High Court had ordered PPBL to be wound up.

The RBI removed Paytm Payments Bank from the list of recognised scheduled banks after cancelling its banking licence. PPBL was excluded from the Second Schedule to the Reserve Bank of India Act, 1934.

Removal from the Second Schedule ends the special operational privileges that come with scheduled bank status. The Delhi High Court had ordered PPBL to be wound up.