RBI Removes Paytm Payments Bank from the Second Schedule to the RBI Act, 1934

11 October 2026National

The Reserve Bank of India has struck Paytm Payments Bank Ltd off the Second Schedule to the Reserve Bank of India Act, 1934, ending its status as a scheduled bank. The exclusion was notified on 31 July 2026 under Section 42(6)(b) of the Act and published in the Gazette of India in September 2026. RBI had cancelled the bank's licence in April 2026 for persistent non-compliance and conduct prejudicial to depositors' interests, after which the Delhi High Court ordered the company wound up. Scheduled status requires paid-up capital and reserves of at least Rs 5 lakh and carries access to RBI refinance and clearing facilities.

Static GK

Payments banks may accept deposits up to Rs 2 lakh per customer but cannot lend or issue credit cards | The payments bank model was recommended by the Nachiket Mor Committee (2013) | Section 42 of the RBI Act, 1934 also governs the Cash Reserve Ratio

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