Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), a subsidiary of MOS Utility Limited, has received in-principle authorisation from the Reserve Bank of India to operate as a Prepaid Payment Instruments (PPI) issuer. The approval enables the company to develop prepaid payment solutions for consumers, merchants and businesses through its existing financial inclusion network.
The new capability is expected to expand SIGN’s presence across digital payments, with the company exploring products such as digital wallets, merchant and business payment solutions, employee and corporate payment programmes, customer rewards and benefits, as well as payment services designed for underserved, semi-urban and rural markets.
The PPI business will complement SIGN’s existing Customer Service Point-led assisted banking operations and its recently secured in-principle RBI authorisation to operate as an Online Payment Aggregator (PA-Online). The company has been operating as a Corporate Business Correspondent since 2010 and currently has more than 10,000 Customer Service Points across over 12 states.
Through this network, SIGN provides services including banking access, Direct Benefit Transfer facilitation, enrolment for government social-security schemes and financial literacy initiatives in underserved communities. The company has also expanded into loan sourcing, recovery support and CSP deployment and management.
Atish Shelar, Group CEO, Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), said the PPI authorisation represents a significant step in the company’s efforts to develop a broader financial services platform. He added that the company intends to focus on payment solutions that can simplify digital transactions and improve accessibility across different markets.
Ravi Ruparellia, Managing Director, MOS Utility Limited, said the approval would enable SIGN to address a wider range of payment requirements among customers, merchants and businesses. He added that the company’s existing network can provide additional touchpoints for expanding access to digital financial services.
SIGN has processed more than 15 million transactions and reached over 5 million Direct Benefit Transfer beneficiaries through its existing operations. The company has also conducted more than 250 financial literacy programmes as part of its financial inclusion initiatives.
The company works with banking institutions including State Bank of India, Punjab National Bank, Bank of Baroda, Odisha Gramin Bank, West Bengal Gramin Bank and UCO Bank. Alongside its existing last-mile financial services, SIGN is now preparing to develop a dedicated online payment aggregation business.
The PPI operations will begin after the company receives final approval from the RBI. SIGN plans to progressively introduce prepaid payment solutions for consumers, merchants and businesses, further expanding its digital financial services portfolio across underserved and emerging markets.
Established in 2010 and headquartered in Kolkata, Samvriddhi Inclusive Growth Network operates as a Corporate Business Correspondent focused on extending financial services to underserved and remote communities. Its expansion into prepaid payment instruments and online payment aggregation forms part of its broader strategy to build a technology-led payments platform while continuing its financial inclusion operations.
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