RBI Removes Paytm Payments Bank from List of Scheduled Banks

The Reserve Bank of India has officially removed Paytm Payments Bank from the Second Schedule list of recognised scheduled banks following its license cancellation.

The central bank cancelled the banking license in April due to non-compliance with norms and conduct detrimental to depositor interests, leading to a Delhi High Court winding-up order.

The Second Schedule of the RBI Act lists financial institutions meeting banking standards that receive special operational privileges.