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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →RBI has 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 dates it 31 July 2026 and reports publication on 16 September 2026. This is separate from RBI’s earlier cancellation of PPBL’s banking licence, effective 24 April 2026.
What RBI’s scheduled-bank-list action changes
The notification concerns PPBL’s listing in the Second Schedule to the RBI Act. In the text reproduced by a Gazette mirror, RBI states that it “hereby directs the exclusion of Paytm Payments Bank Limited from the Second Schedule to the said Act.” The notification cites section 42(6)(b) of the RBI Act. The mirror reports that the notification was dated 31 July 2026 and published in the Gazette on 16 September 2026. Gazette mirror reproducing the notification
In plain language, “removed from the list of scheduled banks” refers to this Second Schedule exclusion. It is not the same legal action as cancelling a bank’s licence.
How the exclusion differs from the licence cancellation
RBI’s licence-cancellation action came first. A copy of RBI’s 24 April 2026 press release, hosted on Paytm’s website, says the banking licence was cancelled under section 22(4) of the Banking Regulation Act, 1949, effective at close of business that day. RBI also said it would apply to the High Court for PPBL’s winding up. Copy of RBI’s 24 April 2026 press release
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| Action | Legal basis and effect | Date reported |
|---|---|---|
| Banking-licence cancellation | Section 22(4) of the Banking Regulation Act, 1949; cancelled PPBL’s banking licence. | Effective at close of business on 24 April 2026, according to the press-release copy hosted by Paytm. |
| Second Schedule exclusion | Section 42(6)(b) of the RBI Act, 1934; directs PPBL’s exclusion from the Act’s Second Schedule. | Notification dated 31 July 2026; Gazette publication reported as 16 September 2026 by the Gazette mirror. |
The Second Schedule action is therefore not the event that cancelled the licence. RBI had already announced that cancellation and its intention to seek winding up months earlier.
What this means for customers—and what it does not establish
RBI’s 24 April 2026 press-release copy said it considered PPBL to have enough liquidity to repay its entire deposit liability upon winding up. That statement is RBI’s assessment; it does not establish that every depositor has already been repaid. The release, as reviewed, does not set out a current customer-by-customer repayment procedure or timetable. RBI press-release copy hosted by Paytm
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Earlier customer directions should not be mistaken for current operating instructions. In February 2024, RBI modified its directions so that, after 15 March 2024, PPBL could not accept new deposits, credit transactions, or top-ups, subject to specified exceptions including interest, cashbacks, partner-bank sweep-ins, and refunds. The directions then permitted customers to withdraw or use funds up to their available balance in accounts and prepaid instruments, including wallets, FASTags, and National Common Mobility Cards. They also allowed certain transfers, including AEPS, IMPS, and UPI, for withdrawing or using available balances under those instructions. RBI’s February 2024 directions
Those were directions and permissions under the 2024 restrictions; they do not confirm which PPBL-related services are available after the 2026 licence cancellation. The RBI FAQ issued with the 2024 restrictions likewise explains the rules at that time, not the later winding-up process. RBI FAQ on the 2024 restrictions
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RBI’s October 2021 notice to banks said PPBL’s inclusion in the Second Schedule was made through a notification dated 6 September 2021, published in the Gazette during 2–8 October 2021. RBI’s historical payments-bank guidelines describe scheduled status as conditional on a payments bank commencing operations and being found suitable under section 42(6)(a). Those guidelines provide general context; the 2026 exclusion notification is the document that establishes PPBL’s removal. RBI’s October 2021 notice · RBI payments-bank guidelines
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Key dates
- 6 September 2021: Date of the notification adding PPBL to the Second Schedule, as cited in RBI’s later notice.
- 2–8 October 2021: Gazette publication period for the inclusion notification, according to RBI’s October 2021 notice.
- 31 January 2024: Date of RBI’s initial business restrictions, cited in its later direction.
- 16 February 2024: RBI modified those directions and extended the deadline for stopping new deposits, credit transactions, and top-ups.
- 15 March 2024: Deadline after which the restrictions on new deposits, credit transactions, and top-ups applied, subject to stated exceptions.
- 24 April 2026: PPBL’s banking licence cancellation took effect at close of business, according to the press-release copy hosted by Paytm.
- 31 July 2026: Date of the Second Schedule exclusion notification, as reproduced by the Gazette mirror.
- 16 September 2026: Gazette publication date reported by that mirror.
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