RBI Officially Removes Paytm Payments Bank From List Of Scheduled Banks
· Business · Economic Times, Rediff, Business Standard
The Reserve Bank of India has officially removed Paytm Payments Bank from the Second Schedule of the RBI Act, stripping it of recognized scheduled bank status. The central bank previously cancelled the banking licence issued to PPBL in April due to persistent non-compliance with regulatory norms and supervisory concerns. Following the licence cancellation, the Delhi High Court ordered that Paytm Payments Bank Ltd be wound up. The central bank's formal notification was published in the Gazette of India in September after being issued in July. PPBL operated as an associate firm of Vijay Shekhar Sharma-promoted fintech firm Paytm.
Why it matters
The formal exclusion marks the final legal step in dismantling the sanctioned entity, permanently ending its operational privileges as a scheduled bank.
Read the original report — Economic Times
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.