RBI has already given the go-ahead for 11 payment banks. More might come in the future.
If customers and merchants start using Bitcoin, it will be these payment banks which will be at risk. Wholesale banks offer loans and this cannot be replaced by Bitcoin. Your views?
Bitcoin or Bitcoin based businesses have way to go to give competition to payment banks. At this moment, bitcoin's credibility is under question as two group of people are exercising power show at the heart of bitcoin, which is very bad for a decentralized economy. Media is enjoying the war and discrediting it more. So, for an average Joe, payment banks are still far better alternative than bitcoin.