RBI removes Paytm Payments Bank from list of recognised scheduled banks ...Middle East

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RBI removes Paytm Payments Bank from list of recognised scheduled banks
source : Business Standard ( Middle East ) () 38
The Reserve Bank has officially removed Paytm Payments Bank from the list of recognised scheduled banks following the cancellation of its banking licence. In April this year, the Reserve Bank of India (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 Paytm Payments Bank Ltd (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 published on July 31 and published in the Gazette of India in September. The Second Schedule of the RBI Act is the official list of recognised banks that meet the central bank's financial standards and get special operational privileges. 'Scheduled bank' means a bank included in the Second Schedule. PPBL, an associate

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