RBI removes Paytm Payments Bank from list of scheduled banks
The Reserve Bank of India (RBI) has officially removed Paytm Payments Bank Ltd (PPBL) from the list of recognised scheduled banks following the cancellation of its banking licence.
Via YourStory
In April this year, the RBI had cancelled the banking licence issued to PPBL for non-compliance with norms, saying affairs of the bank were conducted in a manner detrimental to the interest of its depositors.
Later, the Delhi High Court ordered that PPBL be wound up.
"Paytm Payments Bank Limited has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934...," the central bank said in a statement on Wednesday.
A notification in this regard was…
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