India’s homegrown Paytm Payments Bank Limited on Thursday said that it has been included in the 'Second Schedule to the Reserve Bank of India Act, 1934'.

Being a scheduled payments bank, Paytm Payments Bank can now explore new business opportunities.

“The bank can participate in government and other large corporations issued Request for Proposals (RFP), primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in marginal standing facility. The bank would now also be eligible to partner in government-run financial inclusion schemes," Paytm said in a statement.

Spice Jet has announced that it would file an appeal in the Madras High Court against an order of the single bench of the high court directing the airline to wind up its operation.

Justice Subramaniam of the Madras High Court had on Monday ordered the airline company to wind up its operation over its failure to make payments to a Swiss Maintenance, Repair, and Overhaul (MRO) service provider.

The Zurich-based MRO service provider, SR Technics, had claimed that the Spice Jet owes around 24 million US dollars and that it has a ten-year contract with the airline company.

After the Madras High Court today ordered the winding up of private carrier SpiceJet Limited and directed the official liquidator to take over its assets, the homegrown airline said it's examining the order and will initiate appropriate remedial steps, including appeals before the appellate jurisdiction, in the time frame allowed by the court.

SpiceJet said it believes it has a "good case on merits" and is hopeful of having a favourable outcome in the appeal. The petition against SpiceJet was filed by Credit Suisse AG, a stock corporation registered under the laws of Switzerland.

Credit Suisse AG had said in its plea that SpiceJet availed of the services of SR Technics, Switzerland, for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts, for 10 years on November 24, 2011.

The Reserve Bank of India has tightened the reins on another bank after the bad financial condition. The central bank has imposed many restrictions on Nagar Urban Co-Operative Bank Limited, Ahmednagar, Maharashtra. Under these, the withdrawal limit for the customers of the bank from their accounts has been capped at Rs 10,000.

The central bank has taken this step in view of the deteriorating financial condition of the lender. These restrictions under the Banking Regulation Act (Applicable to Co-operative Societies), 1949 will be in force for a period of six months from the close of business hours on December 6, 2021, and will be reviewed.

Pension liabilities of public sector banks (PSBs) would impede prospective buyers should current provisioning norms continue. If a private promoter takes over a PSB, it would have to provide hundreds of crores for all future pension liabilities in addition to making an upfront provision.

Some private banks have suggested that the government should allow pension payments to be made out of current expenditure to retired employees. This would enable the privatised banks to meet obligations towards retired employees without taking a big hit on their profit & loss account.