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RBI removes Paytm Payments Bank from scheduled banks list
Original: paytm news
The Reserve Bank of India has dropped Paytm Payments Bank from its list of scheduled banks following the cancellation of the company's banking licence. The move formalises the regulatory action taken earlier this year, which already barred the bank from accepting deposits and processing payments. Users and merchants are watching closely for how Paytm's services and UPI operations will be affected going forward.
Why now: Fresh regulatory action by the RBI against a major Indian fintech has immediate implications for millions of Paytm users and merchants.
Paytm Payments BankReserve Bank of IndiaPaytm
Evidence
- RBI drops Paytm Payments Bank from scheduled banks list after licence cancellation · Telegraph India
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