RBI removes Paytm Payments Bank from list of scheduled banks
The Reserve Bank of India has officially removed Paytm Payments Bank from its list of scheduled banks following the cancellation of its banking license. This follows regulatory concerns regarding non-compliance and detrimental business practices.
Why it matters
This marks a significant regulatory action against a major fintech player, impacting the digital banking landscape in India.
The Reserve Bank has officially removed Paytm Payments Bank Ltd (PPBL) from the list of recognised scheduled banks following the cancellation of its banking licence.
In April this year, the Reserve Bank of India (RBI) had cancelled the banking licence issued to PPBL for non-compliance with norms, saying affairs of the bank were conducted in a manner detrimental to the interest of its depositors.
Later, the Delhi High Court ordered that PPBL be wound up.
"Paytm Payments Bank Limited has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934...," the central bank said in a statement on Wednesday (October 7, 2026).
A notification in this regard was published on July 31 and published in the Gazette of India in September.
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