Reserve Bank notifies the exclusion of Paytm Payments Bank from the Second Schedule to the Reserve Bank of India Act
7 October 2026
The Reserve Bank of India announced in a press release dated 7 October 2026 that Paytm Payments Bank Limited has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934.
The exclusion was made by notification DoR.LIC.No.S3674/16.13.215/2026-27 dated 31 July 2026.
The notification was published in the Gazette of India, Part III, Section 4, dated 7 September 2026.
The release was issued by Brij Raj, Chief General Manager, as Press Release 2026-2027/1273.
Banks named in the Second Schedule to the Act are the scheduled banks of the country, so exclusion from that Schedule removes the entity from the list of scheduled banks.
In plain words
Scheduled bank Scheduled bank — A bank named in the Second Schedule to the Reserve Bank of India Act, 1934.
Payments bank Payments bank — A differentiated bank that may take limited deposits and offer payment services but cannot lend.