Everything You Need to Know About Payments Banks in India as a Consumer (Video)

By June 15th, 2017 AT 2:42 PM

In the last one year or so, the word Payments Bank is hitting everyone’s mouth across the country. Back in August 2015, Reserve Bank of India (RBI) approved 11 applicants to open the Payments Bank service in India. And the major ones among the list are Airtel, India Post, Paytm, Aditya Birla Nuvo LTD, Vodafone m-Pesa, Reliance Industries LTD.

All the major telecom operators in the country are looking to open Payments Bank service. Until now, three Payments Bank are live in the country- Airtel Payments Bank, India Post Payments Bank, and the more recent Paytm Payments Bank. While the service providers are pretty much clear about what they want to offer with the Payments Bank, end users are confused to the core.

Take a look at the video to know about the Payments Banks in India in the view of a consumer.

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All You Need to Know About Payments Banks Launched in India Until NowPaytm is lootingPratapsawan kumarAbhishek chatterjee Recent comment authors
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[…] Payments banks are predicted to change our country’s poor banking system in coming days. As majority of payments bank license, approved by Reserve Bank of India are directly or indirectly related to Telecom industries, it can be assumed that India’s telecom industry can be a partner in changing the banking landscape, or banking system can be revamped by telecom majors-owned, stripped down version of conventional banks, which are in turn known as Payments Bank. […]

Paytm is looting
Paytm is looting

EARLIER they used to say that transferring money back to your bank wont charge as long as it is not added from a credit card. But these so called payment banks charging for everything. From my PAYTM transferring back to my bank account charges me 4% of total amount. What is this? Is not it an open loot? Although this money was earned by me from my customers who payed to me through paytm and was not added from any credit card. Whats worth of going digital then when i m to pay 200Rs per 5000Rs transfer.

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