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The buyers in the transaction included SBI Mutual Fund and Nippon India Mutual Fund.
During Pillai's tenure at SBI, she led the development of fraud detection frameworks.
![The corporate credit card that wasn't really a credit card – now under the RBI lens [Exclusive]](/upload/theheadandtale.com/2026/02/1771833208_9473128f76_corporate_credit.jpg)
Two years after the RBI halted commercial card-based vendor payments, the regulator has now turned its attention to another 'corporate credit card' structure.
This is a market-share view of UPI payment flows handled by payments aggregators through 'UPI Collect' method.
Nearly 47% of the total anchor allocation went to 12 domestic mutual funds across around 30 schemes.
The anchor round saw participation from 17 domestic mutual funds, including HDFC, Kotak, SBI and Axis Bank.
The initiative will operate as a nonprofit entity with authorized funding of Rs 500 crore and initial working capital of Rs 200 crore.
About 27 organisations, including NPCI, Cred, Axis Bank, HDFC Bank, SBI Cards, Google, and Zeta have joined as members of the 2025-26 board.
Zerodha, led by the Kamath brothers -- Nithin Kamath and Nikhil Kamath, also held on to its second spot with a 15.58% market share and 7.58 million users.
The Series B round was led by Creaegis, with participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, and existing investors. This also includes a $200 million warehouse line (debt).
Jio Financial Services acquires SBI's 17.8% stake in Jio Payments Bank for Rs 104.54 crore.
