RBI removes Paytm Payments Bank from scheduled banks list
The Reserve Bank of India (RBI) has removed Paytm Payments Bank from the list of scheduled banks. The decision follows the cancellation of the company's banking licence in April this year. The removal was made under the Second Schedule of the RBI Act, 1934. A preliminary notification was issued on July 31, officially published in the Gazette of India in September. With this, the bank loses special privileges such as emergency loans from RBI and clearing house membership.
Source
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Desk check · compared with the source
What the desk checked (4)
- RBI removed Paytm Payments Bank from the list of scheduled banks — Attributed to an RBI notification, verifiable claim.
- Paytm Payments Bank's banking licence was cancelled in April this year — Stated as background fact in source, no further sourcing given but consistent with notification context.
- Removal made under Second Schedule of RBI Act, 1934 — Cited directly from RBI notification, appears reliable.
- Preliminary notification issued July 31, officially published in Gazette of India in September — Specific dates given, consistent with regulatory process, appears sourced from official notification.