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Total Deposits with Payments Banks Under ₹540 cr
September 29, 2018
Despite the continuous efforts made by payments banks to attract new customers, they have been able to collect deposits just under ₹540 crores, an amount that’s lower than the funds mobilized by some of the traditional bank branches alone.
The largest payments bank Airtel Payments Bank has around ₹307 crores worth of deposits and Paytm Payments Bank has ₹193 crores worth of deposits. The remaining two players which are Fino Payments Bank and India Post Payments Bank (IPPB) have deposits worth ₹38 crores and ₹1.4 crores respectively.
The failure of Payments Banks in gaining traction is evident but even more surprising is the fact that originally the RBI had approved the license for setting up a payments bank to 11 entities. However, 3 of them backed out because they were uncertain about the success of the new business model.
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