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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The Bengaluru-based brokerage wants to hold customer funds to build a faster payment system, but the central bank is wary of reopening what it sees as a failed experiment.
Zerodha has sought a payments bank licence from the Reserve Bank of India, according to three executives aware of the matter. The Bengaluru-based stockbroker, in recent weeks, has held discussions with central bank officials to convince the regulator of their suitability to own and operate a payments bank, the executives say, requesting anonymity as these talks are private.
However, as things stand, it is unlikely that the central bank would grant it a licence, two of the three executives add.
In theory, a payments bank would help it hold its customer’s funds, enabling two things: first, less dependency on banks …
