Looking closely, we do not see this as a threat in 2022 but rather a long-term concern. In the short term, due to the reduced adoption in the early stages and interoperability of these platforms, we see e-banking income for banks returning modest growth even in the face of price competition between fintechs and new entrants in 2022 for consumers. However, as the Payment Service Banks (PSBs) begin to integrate operations and rollout their services, e-banking income of banks may come under significant threat in the long term. 

Secondly, trading gains are unlikely to see an uptick due to the relatively higher yield environment in 2020 and 2021. Also, we note that the introduction of trading fees and other associated charges could have the double whammy impact of weaker transaction volume & value and reduced capital gains (due to the impact of the fees).