The payments bank proposed to be allowed by Reserve Bank of India will hurt existing "universal" banks as they will offer products which are cross-subsidizing other services. She also said that there would be an element of regulatory arbitrage as a payment bank would invest only be investing in government bonds. Speaking at a conference on banking and financial service organized by SBI Capital Markes, Bhattacharya said, "There is an element of cross-subsidy in services provided by a bank. The payments bank will not have to provide the cross-subsidy. We will have to find ways to.....
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