Paytm Payments Bank is excluded from the Second Schedule to the Reserve Bank of India Act, 1934

National Banking Economy & Banking Polity & Governance

Paytm Payments Bank is excluded from the Second Schedule to the Reserve Bank of India Act, 1934

7 October 2026

The Reserve Bank of India announced on October 7, 2026 the exclusion of Paytm Payments Bank Limited from the Second Schedule to the Reserve Bank of India Act, 1934.
The exclusion was effected by notification DoR.LIC.No.S3674/16.13.215/2026-27 dated July 31, 2026.
The notification was published in the Gazette of India (Part III, Section 4) dated September 7, 2026.
The announcement was issued as Press Release No. 2026-2027/1273 over the signature of Brij Raj, Chief General Manager.
A bank named in the Second Schedule is a scheduled bank, and removal from the Schedule ends that status.

Schedule: Second Schedule to the Reserve Bank of India Act, 1934 Notification date: July 31, 2026 Gazette publication: September 7, 2026

Why it matters for exams: The Second Schedule is the legal basis of the term scheduled bank, and a named instance of inclusion or exclusion is how banking papers test whether a candidate knows the provision rather than the phrase.

Kerala PSCUPSCBank

7 October 2026 Source: Reserve Bank of India

In plain words

Scheduled bank Bank included in the Second Schedule to the RBI Act, 1934 — Inclusion brings the bank within the Reserve Bank's scheduled bank framework; exclusion removes it.

Payments bank Differentiated bank licensed by the RBI — A category of bank that can accept deposits within a limit but cannot lend.