Paytm is forcing employees to use Paytm payment bank (to receive salary). Hot or not?

Paytm is forcing its employees to shift to Paytm Payment Bank – i.e. if at all they want to continue receiving salary.

Plus not just this – Paytm employees will only get Rs 1 lakh in the Paytm bank account and the rest will go in fixed deposit (of Paytm payment bank)*.

Since there is no ATM card, you can’t take out the money – transferring to other banks is the only option.

Paytm payment bank
Paytm payment bank

Is this a good idea?

Well,there are two ways to look at it.

  1. The company really needs to test out the product internally – and no better way than using employees (as guinea pigs). Given the nature of the product (banking), one needs to really do ‘live-real-world’ testing of new features, especially when the business has very little know-how of running a bank (and different edge use-cases).[OR]
  2. Seriously? Leave the employees aside. Can’t really force a rule like this – employees have their own life / commitments and can’t be made guinea pig.
    Not all teams need to pay for product teams’ experiments.

What’s your take? As product head of Payment bank, you should definitely be game for it. But what about other employees? Shouldn’t they also be allowed to start using the entire org to test out their product features?
Or one product is getting the entire ‘business attention’ compared to others? What’s your take?
For now, this is one question a lot of Paytm employees are definitely asking.

* The 1 lakh restriction is due to RBI guideline.
“As per the RBI guidelines, you can hold only a maximum of Rs. 1 lac in your Paytm account at the end of the day. This limit is imposed on the sum of your wallet and savings account balances. Balance amount in excess of Rs. 1 lac is moved to a Fixed Deposit with our partner bank” (source).

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