Paytm Payments Bank gets RBI approval to operate as scheduled bank

Paytm Payments Bank, an associate entity of Paytm, on Thursday said it has received the banking regulator’s approval to operate as a scheduled payments bank, helping it to expand its financial services operations.

In a statement, the bank said it has been included in the second schedule to the Reserve Bank of India (RBI) Act, 1934. After the announcement, Paytm’s share price rose 2.62 per cent to close at Rs 1,594.55 apiece. Since listing, Paytm’s share price has come under immense pressure.

Interestingly, the RBI issued a notification on October 7, saying Paytm Payments Bank has been included in the