Update: This post has references to charges mentioned in a table published on the Paytm blog, which was removed a few hours after publishing. Thus, the comments and comparisons in this post may not be in applicable, in case Paytm charges rates that differ from the ones mentioned in the image below. Earlier: Paytm's land-grab of customers in the payments space continues with the launch of its payments bank, and it is making a conscious effort to get customers to make a switch to the Paytm Payments Bank, over other banks. Paytm recently got approval to launch its Payments Bank, with Renu Satti as its CEO; its CEO-designate Shinjini Kumar had resigned from Paytm Payments Bank's board of directors on the 9th of February 2017. Paytm is offering a cashback of Rs 250 on a deposit of Rs 25,000 into their back account, but that 1% cashback is immaterial: it's a one-time thing. Paytm's competition now are incumbent banks, who have largely settled, operational businesses, many of them public listed and quarter-on-quarter scrutiny, overwhelming NPAs (Non Performing Assets: unpaid and probably unpayable debts), and thus the inability to change things drastically without hurting themselves. Customers aren't very happy with banks: for example, HDFC Bank unethically opts customers in for an annual charge, without consent. Thus the banking ecosystem is ripe for the taking, even though a Payments Bank can do much less than a bank can: The Paytm Payments Bank will invest money into government bonds, issue debit/ATM cards. Paytm will eventually offer Insurance,…
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