Paytm Payments Bank removed from RBI's scheduled banks list
The Reserve Bank of India has officially removed Paytm Payments Bank from its list of scheduled banks after earlier canceling the bank’s license, citing failures to comply with regulatory norms and conduct detrimental to depositors' interests. In line with an order from the Delhi High Court, the central bank published a notification formalizing the bank’s exclusion. This follows prior restrictions on the bank's business operations and customer onboarding.
- RBI cancelled Paytm Payments Bank's license for non-compliance
- Delhi High Court ordered closure of the bank
- Bank formally excluded from RBI's scheduled list
- RBI cited risks to depositors’ interests
- Earlier, Paytm Payments Bank was restricted from new business
Sources covering this
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