RBI Formally Removes Paytm Payments Bank From Second Schedule List

7 Oct 2026, 6:58 pm · 10h ago · 1 min read · YourStory

The Reserve Bank of India has officially excluded Paytm Payments Bank Limited from the Second Schedule of the RBI Act, 1934, following the cancellation of its banking licence. The notification, published in the Gazette of India in September, strips the Vijay Shekhar Sharma-promoted entity of its scheduled bank status. The central bank had previously cancelled the entity's licence in April due to persistent supervisory concerns, citing operations conducted against depositor interests. Subsequently, the Delhi High Court ordered the winding up of the payments bank, which had faced customer onboarding restrictions from the banking regulator since March 2022.