Alright. Finally got the categorization feature and it is still processing the texts.
And as expected,
Google has delivered a half-assed product.
Categories are predefined. I cannot create my own. This was pretty much obvious. Since it is automatically categorizing texts. Still, manual labels would have been useful. Not a biggie.
There is no category for bills. It placed a message from Airtel about landline bill in transaction. I suppose that is sort of accurate but it is not exactly transaction. A specific category for bills would have been useful here.
I cannot seem to remove category for messages it seems. For example, I cannot remove the above text from transactions. Can move it to one of the other categories from the looks of it.
Also, there are no independent chats for categories. When you open a message inside category view, you open the entire thread. So, the thing I was most interested in doing wouldn't work here.
Microsoft SMS Organizer has independent threads for categories and you can define independent notification settings for them. That does not seem like an option here.
And worst big is that the category labels are at the top. You cannot slide from one category to another. You have to reach at the top and tap on the categories to enter them. Idiocy.