RBI removes Paytm Payments Bank from scheduled banks list

The Reserve Bank of India (RBI) has formally removed Paytm Payments Bank Ltd (PPBL) from the list of scheduled banks following the revocation of its banking licence.

“Paytm Payments Bank Limited has been removed from the Second Schedule of the Reserve Bank of India Act, 1934,” the central bank said in a release on Wednesday.

The RBI had revoked PPBL’s banking licence in April this year, citing non-compliance with regulatory requirements and stating that the bank’s operations were being conducted in a manner detrimental to the interests of its depositors.