Paytm Payments Bank delisted by RBI

The Reserve Bank of India (RBI) has officially removed Paytm Payments Bank from the list of recognised scheduled banks following the cancellation of its banking licence. In April this year, the Reserve Bank of India had cancelled the banking licence issued to PPBL for non-compliance with norms, saying the affairs of the bank were conducted in a manner detrimental to the interest of its depositors.

Later, the Delhi High Court ordered that Paytm Payments Bank Ltd (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.