MOS Utility Subsidiary SIGN Secures RBI In-Principle Approval for Online Payment Aggregator License — September 22, 2026

Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), a subsidiary of MOS Utility Limited, has received in-principle authorization from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator (PA-Online). The regulatory milestone marks the company's planned expansion from customer service point (CSP)-led assisted banking and financial inclusion services into the online digital merchant payments ecosystem.

Subject to final authorization from the central bank, SIGN will develop and deploy online payment aggregation solutions tailored for merchants, with a targeted emphasis on small businesses operating in rural, semi-urban, and underserved Indian markets.

Expanding From Assisted Banking to Digital Merchant Solutions

Currently operating as a Corporate Business Correspondent, SIGN has concentrated on last-mile financial services through physical agent networks. The transition into payment aggregation allows the company to operate a distinct digital-first arm catering directly to commercial merchants.

According to the company, the PA-Online vertical will function as a dedicated digital business, kept separate from its traditional CSP-led network. Over time, SIGN plans to evaluate additional digital financial products and services, subject to necessary regulatory approvals and strategic tie-ups.

Planned Payment Suite for Merchants:

• Comprehensive payment gateway services enabling merchant collections via Unified Payments Interface (UPI) and QR-code platforms.
• Acceptance infrastructure covering domestic credit cards, debit cards, and net banking rails.
• Digital invoicing, payment links, and dedicated online collection tools designed for micro and small enterprises.
• Centralized payment-management dashboards to help grassroots businesses track receivables and manage cash flows.

Executive Perspective

Highlighting the significance of the clearance, Atish Shelar, Group CEO of Samvriddhi Inclusive Growth Network Pvt. Ltd., noted that digital payments are critical for enabling small businesses from underserved markets to participate in India's formal economy. He added that the payment aggregator authorization strengthens the company's capability to enter the online digital payments space and address merchants who require accessible, compliant collection tools.

Strategic Significance for MOS Utility Investors

For parent firm MOS Utility Limited—a platform provider offering assisted remittances, AePS, micro-ATMs, utility bill settlements, and travel bookings through its distributor network—the RBI in-principle approval opens up a direct entry into merchant acquiring.

Under the RBI’s regulatory framework for payment aggregators, entities must satisfy stringent capital adequacy, cybersecurity, governance, and escrow management norms before securing full operational licenses. Gaining in-principle clearance positions SIGN alongside established fintech players seeking formal compliance under the Payment and Settlement Systems Act, allowing MOS Utility to tap higher-margin transaction processing as digital adoption accelerates across Bharat.

Tags: MOS Utility Samvriddhi Inclusive Growth Network Reserve Bank of India Fintech Payment Aggregator Digital Payments