MOS Utility Limited’s subsidiary Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN) has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator (PA-Online), subject to receiving the final regulatory approval.
The development marks a new phase for SIGN, which has primarily operated as a Corporate Business Correspondent focused on extending assisted banking and financial services to customers in underserved markets. With the proposed payment aggregation business, the company plans to build a dedicated digital offering for merchants and small businesses.
SIGN intends to provide online payment acceptance services covering UPI, QR-based payments, credit and debit cards and net banking. Its planned offering will also include digital collections, payment links and other tools aimed at helping merchants manage online payments.
The company plans to focus particularly on small businesses operating in rural, semi-urban and underserved markets, where digital payment infrastructure can play an important role in connecting enterprises with the formal economy.
The proposed PA-Online operations will function separately from SIGN’s existing Customer Service Point (CSP)-led assisted banking and financial inclusion activities. Over time, the company said it will assess opportunities to introduce additional digital payment and financial services, subject to the required regulatory approvals, licences and partnerships.
Atish Shelar, Group CEO, Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), said the authorisation would enable the company to extend its role from last-mile banking into online payment aggregation. He added that digital payments are becoming increasingly important for small businesses in underserved markets and that SIGN intends to develop technology-led payment solutions around their requirements.
SIGN has operated as a Corporate Business Correspondent since 2010 and currently has more than 10,000 Customer Service Points across over 12 states. Its existing activities include kiosk banking, AEPS-related services, Direct Benefit Transfer facilitation, enrolment for government social-security schemes, financial literacy initiatives, loan sourcing and recovery support, as well as CSP deployment and management.
According to the company, its existing network has processed more than 15 million transactions and reached over 5 million DBT beneficiaries, while it has conducted more than 250 financial literacy programmes.
SIGN currently works with several banking institutions, including State Bank of India, Punjab National Bank, Bank of Baroda, Odisha Gramin Bank, West Bengal Gramin Bank and UCO Bank.
Chirag Shah, Chairman and Founder, MOS Utility Limited, said the company intends to develop more than a conventional payments product by building a technology-led financial services platform for India’s small-business ecosystem. He added that the PA-Online authorisation provides a foundation for developing digital payment acceptance and online collection capabilities, with further services to be considered within the applicable regulatory framework.
The authorisation therefore adds a new digital payments vertical to SIGN’s established last-mile financial inclusion operations, bringing together its existing presence in underserved markets with plans to serve merchants through online payment infrastructure.
Send news announcements/press releases to:
jeevika@thefoundermedia.in
