The Reserve Bank of India (RBI) directed that Paytm Payments Bank Limited (PPBL) be excluded from the Second Schedule to the Reserve Bank of India Act, 1934. A Gazette mirror reproducing the notification gives 31 July 2026 as its date and 16 September 2026 as its Gazette publication date. This was a scheduled-bank-listing action, separate from RBI’s earlier cancellation of PPBL’s banking licence.
What RBI’s scheduled-bank-listing action means
The notification concerns PPBL’s inclusion in the Second Schedule to the RBI Act. In the text reproduced by a Gazette mirror, RBI says it “hereby directs the exclusion of Paytm Payments Bank Limited from the Second Schedule to the said Act.” The mirror identifies the notification as dated 31 July 2026 and reports that it was published in the Gazette on 16 September 2026. The exact notice was not located on an RBI-hosted or Gazette of India page; these publication details should therefore be attributed to the mirror. Gazette mirror reproducing the notification.
In plain language, PPBL was removed from the RBI Act’s scheduled-bank list. This does not describe the cancellation of its banking licence; that was a distinct regulatory action under a different law.
Exclusion from the Schedule is not the licence cancellation
On 24 April 2026, RBI cancelled PPBL’s banking licence under section 22(4) of the Banking Regulation Act, 1949, effective at close of business that day. A copy of RBI’s press release hosted on Paytm’s website says RBI would seek winding up of the bank before the High Court. The July notification instead concerns exclusion from the Second Schedule under section 42(6)(b) of the RBI Act. Copy of RBI’s licence-cancellation press release; Gazette mirror.
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| Action | Law and provision | Date and effect |
|---|---|---|
| Licence cancellation | Banking Regulation Act, 1949, section 22(4) | Effective at close of business on 24 April 2026, according to the press-release copy hosted by Paytm; RBI said it would seek winding up before the High Court. Source. |
| Exclusion from the scheduled-bank list | RBI Act, 1934, section 42(6)(b) | Notification dated 31 July 2026; Gazette publication reported as 16 September 2026 by the mirror reproducing the notice. Source. |
PPBL had earlier been included in the Second Schedule through a notification dated 6 September 2021. RBI’s October 2021 notice to banks said that notification was published in the Gazette during 2–8 October 2021. RBI’s October 2021 notice.
What this means for Paytm customers
The exclusion notice establishes a change to PPBL’s scheduled-bank listing. It does not, by itself, set out how individual customers should seek repayment during winding up. RBI’s April 2026 licence-cancellation release said the bank had enough liquidity to repay its entire deposit liability upon winding up, but the reviewed text does not provide a customer-by-customer procedure or timetable. That statement is RBI’s assessment; it is not confirmation that every depositor has already been repaid. RBI press-release copy.
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RBI’s February 2024 directions allowed customers to withdraw or use available balances under the terms then set out, and stopped new deposits, credit transactions and top-ups after 15 March 2024, subject to specified exceptions. Those directions also covered balances in accounts and prepaid instruments, including wallets, FASTags and National Common Mobility Cards. They are historical instructions from 2024—not confirmation of which services or customer processes apply after the 2026 licence cancellation. RBI’s February 2024 directions.
RBI’s FAQ published with the 2024 restrictions said the ban on onboarding new customers, imposed in March 2022, continued as of 16 February 2024. It addressed the restrictions in force then, not the subsequent winding-up process. RBI’s 2024 FAQ.
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Timeline of RBI actions
- 6 September 2021: Notification date for PPBL’s inclusion in the Second Schedule. RBI notice.
- 2–8 October 2021: Gazette publication period for the inclusion notification, as cited in RBI’s notice to banks. RBI notice.
- 31 January 2024: RBI imposed business restrictions; the date is cited in its later direction. RBI direction.
- 16 February 2024: RBI modified its earlier directions and set 15 March 2024 as the deadline after which new deposits, credit transactions and top-ups were barred, subject to exceptions. RBI direction.
- 15 March 2024: Deadline under the modified directions for stopping those transactions, with specified exceptions including interest, cashbacks, partner-bank sweep-ins and refunds. RBI direction.
- 24 April 2026: PPBL’s banking licence was cancelled effective at close of business; RBI said it would seek winding up before the High Court. RBI press-release copy.
- 31 July 2026: Date of the Second Schedule exclusion notification, as reproduced by the Gazette mirror. Gazette mirror.
- 16 September 2026: Gazette publication date reported by that mirror. Gazette mirror.
Why a payments bank could be scheduled
RBI’s historical payments-bank guidelines describe scheduled status as conditional: a payments bank could be included in the Second Schedule after commencing operations and being found suitable under section 42(6)(a) of the RBI Act. The guidelines also describe payments banks as differentiated banks with a restricted scope of activities. This general framework helps explain how a payments bank could be scheduled; PPBL’s removal is established by the specific 2026 exclusion notification. RBI’s payments-bank guidelines.
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