Zerodha co-founder Nithin Kamath recommends checking out government sector treasury bills as a “risk-free” way to park cash amid concern about the wider stability of banks.

What Happened? Kamath in a series of tweets on Monday highlighted the importance of payments banks and their ability to store cash in the form of government bonds, in the aftermath of the Silicon Valley Bank crisis.

“There’s a lot of talk in the U.S. about the need for a bank that holds money in government bonds without taking risks. Just a simple wallet where people keep their cash, earn a reasonable interest, & make payments. What RBI intended with payments banks,” said the Zerodha CEO.

Kamath goes on to explain why payments bank — the likes of which are offered by Airtel and Paytm — never took off in India in the way they were intended to.

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“Payments bank didn’t pick up in India because users didn’t want to pay monthly fees. Also, payments became highly competitive, with businesses undercutting each other,” explained the entrepreneur, adding that those who took banking licenses saw payments bank mainly as a stepping stone to a full-fledged bank license.

Kamath in his support for government tresury bills also mentions that they offer a better rate of return than fixed deposits.

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