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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.

The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
While the payments company saw its first full year of profitability in FY26, the real progress will depend on whether it can continue to prove that it’s more than a POS company.
As growth in equities cools, asset managers are looking to embed themselves in payrolls, payments, and credit. This raises their influence, but also the stakes.