RBI strikes Paytm Payments Bank off scheduled list
By Abha Lohia ·
- Paytm Payments Bank was an associate of the fintech firm Paytm, promoted by Vijay Shekhar Sharma, and lost its banking licence in April
- The central bank has now excluded it from the Second Schedule, the official list of recognised scheduled banks
- A court has also ordered the bank wound up; the exclusion was notified on July 31 and gazetted in September
What happened
- RBI removed Paytm Payments Bank from the list of scheduled banks.
- The licence had been cancelled in April for non-compliance.
- The Delhi High Court ordered the bank wound up.
- The notice dated 31 July was gazetted in September.
Why it matters
- Closes the regulatory chapter for the affiliate bank.
- Scheduled status gives special operating privileges, now gone.
The business
- Was a payments bank linked to Paytm.
- Barred from onboarding new customers in March 2022.
The founders
Words to know
- Scheduled bank
- A bank listed in the Second Schedule of the RBI Act.
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