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RBI Removes Paytm Payments Bank From Scheduled Banks List
The Reserve Bank of India has removed Paytm Payments Bank from its official list of scheduled banks.
This happened after the RBI cancelled the bank’s licence in April.
The RBI said the bank had not followed regulatory rules.
It also said the way the bank was being run could harm the bank and its depositors.
The RBI had raised concerns about the bank before and restricted some of its activities.
The Delhi High Court later ordered the bank to be wound up.
Paytm said its app and several other services would keep working.
The RBI said the bank had enough money to repay all its depositors.
The Reserve Bank of India excluded Paytm Payments Bank from the Second Schedule of the RBI Act, removing it from the list of scheduled banks.
The exclusion followed the RBI’s cancellation of the bank’s licence in April over regulatory non-compliance.
The RBI said the bank’s affairs were being conducted in a way detrimental to its interests and those of its depositors.
The notification was issued on July 31 and published in the Gazette of India in September; reports noted the action on October 7.
The Delhi High Court later ordered the bank’s winding up; Paytm said its app and several other services would continue operating.
- Who
- The Reserve Bank of India and Paytm Payments Bank Ltd.
- What
- The RBI removed Paytm Payments Bank from the Second Schedule, following cancellation of its banking licence.
- Where
- India.
- When
- The notification was issued on July 31 and published in the Gazette of India in September; the action was reported on October 7.
- Why
- The RBI had cancelled the licence for regulatory non-compliance, saying the bank’s affairs were being conducted in a manner detrimental to the bank and its depositors.
Key facts
- Bank
- Paytm Payments Bank Ltd (PPBL)
- Regulator
- Reserve Bank of India (RBI)
- Legal basis
- Second Schedule to the Reserve Bank of India Act, 1934
- Notification
- Issued July 31; published in the Gazette of India in September
- Licence cancellation
- April, for non-compliance with regulatory norms
- Earlier restrictions
- The RBI barred new customer onboarding in March 2022 and imposed further restrictions in January and February 2024.
- Winding up
- The Delhi High Court ordered Paytm Payments Bank to be wound up.
- Customer services
- Paytm said its app, UPI, QR, Soundbox, card machines and Payment Gateway would continue operating; the RBI said the bank had enough liquidity to repay its deposit liability.
Quotes
Reserve Bank of India
India’s central bank
“Paytm Payments Bank Limited has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934...”
telegraphindia.com
m.rediff.com
livemint.com
CNBC TV 18
Sources
RBI removes Paytm Payments Bank from scheduled banks list: What it means for customers?
RBI drops Paytm Payments Bank from scheduled banks list after licence cancellation - Telegraph India
RBI removes Paytm Payments Bank from list of scheduled banks
RBI removes Paytm Payments Bank from list of scheduled banks after cancellation of banking licence — What we know
Paytm Payments Bank removed from RBI’s scheduled banks list
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