Mumbai, Sep 29: MOS Utility subsidiary, Samvriddhi Inclusive Growth Network Pvt. Ltd., a Corporate Business Correspondent focused on last-mile financial inclusion, has received in-principle authorisation from the Reserve Bank of India to operate as Prepaid Payment Instruments issuer.
The PPI authorisation adds another regulated capability to the financial services ecosystem it has been building over the years. With this authorisation, SIGN can now build and offer prepaid payment solutions for consumers, merchants, and businesses across its existing last-mile financial services network. The company plans to explore solutions spanning digital wallets, merchant and business payment solutions, employee and corporate payment programmes, customer rewards and benefits, and payment solutions for underserved, semi-urban, and rural markets.
The PPI business will complement SIGN’s existing CSP-led assisted banking operations and its recently received in-principle authorisation from RBI to operate as an Online Payment Aggregator. Samvriddhi has been operating as a Corporate Business Correspondent since 2010 and currently has a network of 10,000+ Customer Service Points across 12+ states, supporting banking access, DBT, government social-security schemes, and financial literacy initiatives in underserved communities.
Speaking on the development, Atish Shelar, Group CEO, Samvriddhi Inclusive Growth Network Pvt. Ltd (SIGN), commented,
“With the in-principle approval of RBI to issue prepaid payment instruments, we mark a milestone moment in our journey of building a comprehensive financial services platform. As payment needs evolve, our focus will be on creating solutions that make digital transactions simpler and more accessible across markets.”
Ravi Ruparellia, Managing Director, MOS Utility Limited, said,
“We thank the Reserve Bank of India for granting this in-principle authorisation to Samvriddhi. The PPI platform will allow us to reach a wider set of customers, merchants, and businesses, and address more of their everyday payment needs. We see this as an opportunity to leverage our existing network and make digital payments more accessible across the markets we serve, while creating new touchpoints for customers, merchants, and businesses to engage with financial services.”
SIGN’s existing portfolio of services comprises kiosk banking, AEPS-related services, DBT facilitation, government social-security scheme enrolment, financial literacy, loan sourcing, and recovery support, and CSP deployment and management. They have processed 15 million+ transactions and reached 5 million+ DBT beneficiaries, alongside conducting 250+ financial literacy events.
Samvriddhi currently works with leading banks such as the State Bank of India, Punjab National Bank, Bank of Baroda, Odisha Gramin Bank, West Bengal Gramin Bank, and UCO Bank. The company now plans to add a dedicated online payment aggregation business alongside its existing last-mile financial inclusion operations.
Upon receiving final approval from RBI, SIGN will commence its PPI business and progressively roll out prepaid payment solutions for consumers, merchants, and businesses, strengthening its portfolio of digital financial services across underserved and emerging markets.
