This was my thought process initially.
I was fundamentally against payment banks. PBs just stick to deposit taking and was not allowed to take any loans. Loans are assets for any financial company. Why would any company apply for such a license - many of those who applied withdrew. Also one97 comm holds stake in ppb and same time disbursing loans, cards etc. I saw blurriness in ppb and paytm. Being associated with ppb comes with significant restrictions to what a payment aggregator or what a UPI stack player can do. But I never thought RBI would do what it did. That is why I’m scared of banks and nbfcs (especially small ones). Though reasons may be kyc, etc. being a financial company and aspiring for aggressive growth certainly attracts more scrutiny from regulator. If any small mischief is seen you are punished.
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