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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 RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
While rivals lost users, India’s largest broker leaned on lending and derivatives to deliver strong growth.
The regulator’s proposals to introduce checks and safety features in instant payments, if implemented, may end up testing banks.