Mumbai, Maharashtra, 28th of September, 2026 : MOS Utility subsidiary, Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), a Corporate Business Correspondent focused on last-mile financial inclusion, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as Prepaid Payment Instruments (PPI) 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 (PA-Online). 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.
About Samvriddhi Inclusive Growth Network Pvt. Ltd.
Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), a subsidiary of MOS Utility Limited, is a Corporate Business Correspondent focused on enabling financial services across underserved and remote markets in India.
Established in 2010 and headquartered in Kolkata, Samvriddhi works with leading banking institutions and operates through a widespread CSP network across more than 12 states.
Its existing services include kiosk banking, AEPS-related services, DBT facilitation, government social-security scheme enrollment, financial literacy, loan sourcing and recovery support, and CSP deployment and management.
With its expansion into online payment aggregation, Samvriddhi aims to build a technology-led digital payments platform serving India’s next generation of entrepreneurs, while continuing its existing financial-inclusion operations.
About MOS Utility
MOS Utility Limited (MOS) is a sustainable, rapidly growing Nex Gen Neo fintech company offering a Unified Open API and Wallet platform. As pioneers of the “Digital bano tarraki karo” concept, MOS has emerged as a major fintech player, providing an array of B2B2C financial and utility services, including ticket booking, Aadhar-enabled payments, and e-commerce services. Dedicated to government aspirations, we drive financial inclusion through innovative solutions and user-friendly platforms.
MOS’s trajectory is marked by technological innovation and commitment to financial inclusion. Our user-centric approach ensures seamless access to a range of services. We continuously adapt to industry dynamics, offering tailored solutions for communities. With an unwavering focus on efficiency and reliability, MOS empowers businesses and individuals alike. Embracing the government’s vision, we forge ahead as an ally in the nation’s digital evolution.
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