RBI drops Paytm Payments Bank from scheduled banks list after licence cancellation

The Reserve Bank 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 (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.