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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteRBI directed Paytm Payments Bank Limited (PPBL) to be excluded from the Second Schedule to the Reserve Bank of India Act, 1934. The notification is dated 31 July 2026; a Gazette mirror reproducing it reports publication on 16 September 2026. This is a separate legal action from RBI’s cancellation of PPBL’s banking licence on 24 April 2026.
What RBI’s scheduled-bank action means
The notification concerns PPBL’s place in the Second Schedule to the RBI Act. The text reproduced by a Gazette mirror says that RBI “hereby directs the exclusion of Paytm Payments Bank Limited from the Second Schedule to the said Act.” It cites section 42(6)(b) of the RBI Act and is signed by R. Lakshmi Kanth Rao, Executive Director. The available copy is the mirror’s reproduction; an RBI- or Gazette-hosted copy of this exact notice was not located.
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In plain language, PPBL is no longer listed as a scheduled bank under that schedule. This should not be confused with the separate question of whether it held a banking licence: RBI had already cancelled that licence in April 2026.
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| Action | Legal basis and effect | Date and source |
|---|---|---|
| Banking-licence cancellation | RBI cancelled PPBL’s licence under section 22(4) of the Banking Regulation Act, 1949, and said it would seek winding up before the High Court. | Effective at close of business on 24 April 2026, according to a copy of RBI’s press release hosted on Paytm’s website. |
| Exclusion from the Second Schedule | RBI directed PPBL’s exclusion from the Second Schedule to the RBI Act under section 42(6)(b). | Notification dated 31 July 2026; Gazette publication reported as 16 September 2026 by the mirror reproducing the notice. |
The two actions address different legal matters. The July notification is not the licence cancellation; it changes PPBL’s scheduled-bank listing after the licence had already been cancelled.
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How PPBL’s status changed
- 6 September 2021: RBI’s notice to banks later said PPBL’s inclusion in the Second Schedule was made through a notification dated this day.
- 2–8 October 2021: The same notice cited this Gazette publication period for the inclusion.
- 31 January 2024: RBI imposed business restrictions; this date is cited in its later direction.
- 16 February 2024: RBI modified its earlier directions and extended the deadline for stopping new deposits, credit transactions and top-ups to 15 March 2024.
- 15 March 2024: The deadline after which those transactions were barred under the directions, subject to specified exceptions.
- 24 April 2026: RBI cancelled PPBL’s banking licence, effective at close of business, and said it would apply to the High Court for winding up.
- 31 July 2026: Date of the Second Schedule exclusion notification, as reproduced by the Gazette mirror.
- 16 September 2026: Publication date reported by that mirror.
What the 2024 customer directions do—and do not—establish
RBI’s February 2024 directions allowed customers to withdraw or use available balances in accounts and prepaid instruments, including wallets, FASTags and National Common Mobility Cards. They also allowed transfers such as AEPS, IMPS and UPI for withdrawing or using available balances under those directions. RBI stated that withdrawals or use were permitted up to the available balance.
Those instructions describe the restrictions and permissions in force in 2024. They are not confirmation that a particular PPBL service remains available after the 2026 licence cancellation, nor do they set out the current winding-up process. RBI’s FAQ accompanying the 2024 restrictions also said the prohibition on onboarding new customers, imposed in March 2022, continued as of 16 February 2024.
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What is known about deposits and winding up
In the April 2026 licence-cancellation press release, RBI said it considered PPBL to have enough liquidity to repay its entire deposit liability upon winding up. That is RBI’s assessment; it does not establish that every depositor has already been repaid. The reviewed release does not provide a customer-by-customer repayment procedure or timetable, so the exclusion notice alone cannot answer when or how a particular customer will receive funds.
Why scheduled-bank status matters in context
RBI’s historical payments-bank guidelines describe scheduled-bank status as conditional: a payments bank had to commence operations and be found suitable under section 42(6)(a). The guidelines also describe payments banks as differentiated banks with a restricted scope of activities. That general framework helps explain why a scheduled listing is distinct from the institution’s licence and permitted activities; the July 2026 notification is the controlling document for PPBL’s exclusion.
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