as a standalone entity, perhaps no (historically payments bank wasn’t one of the greatest ideas to begin with during Raghuram Rajan’s era) due to its truncated ability vis-a-vis any other commercial banks. then regime change post demon didn’t help!
however, PPBL as a sponsor bank powering PPSL as its only client who brought 30+ cr consumers (UPI handles) and 6cr merchants (providing settlement destination to easy on/off rails for txns) has definitive value.
so if other commercial banks takeover (acquisition) or simply change or mgmt (like yes bank) whose primary motivation or CASA accounts, then there’s something there imho. also big banks can bring their regulatory / compliance frameworks which RBI loves (again yes bank as an example).
so let’s wait and watch. if scenario 2 plays, I’ll have more confidence in the future narrative of PPSL (public entity), than scenario 1 since seamless execution risks still remains, however scenario 3 is out or the picture in the immediate future.
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