Mumbai, Oct. 8 -- The RBI said PPBL was excluded from the Second Schedule through a notification dated 31 July 2026, which was published in the Gazette of India on 7 September 2026.

The development follows the cancellation of PPBL's banking licence by the RBI with effect from the close of business on 24 April 2026. The central bank had cited regulatory violations, concerns relating to depositor interest and governance, and non-compliance with licensing conditions.

Following the licence cancellation, PPBL's board approved the winding-up of the payments bank. One 97 Communications had said the development would have no financial or business impact on the company, as it had no exposure to PPBL or material business arrangements with the ent...