MOS Utility Subsidiary SIGN Secures In-Principle RBI Nod for Prepaid Payment Instruments — September 29, 2026

Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), a subsidiary of NSE SME-listed MOS Utility Limited, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Prepaid Payment Instrument (PPI) issuer.

The regulatory milestone permits SIGN to design and issue prepaid payment instruments—such as digital wallets, smart cards, and corporate prepaid solutions—significantly widening its operational mandate across rural, semi-urban, and underserved Indian markets. The development comes on the heels of the company receiving in-principle approval from the banking regulator to operate as an Online Payment Aggregator (PA-Online), positioning the firm to build an integrated digital payments and settlement stack alongside its legacy assisted banking model.

Expanding Offerings Across Underserved Markets

Under the PPI framework, SIGN plans to roll out multiple customer- and business-centric payment instruments. The planned portfolio encompasses:

• Digital wallets tailored for retail consumers in rural and semi-urban geographies
• Merchant and business payment mechanisms for micro-merchants and small enterprises
• Corporate card and employee payment programmes
• Customer loyalty and reward management instruments

Commenting on the approval, Atish Shelar, Group CEO of Samvriddhi Inclusive Growth Network Pvt. Ltd., highlighted that the firm’s core priority remains making digital payments straightforward and widely accessible as consumer requirements evolve.

Ravi Ruparellia, Managing Director of MOS Utility Limited, stated that the PPI platform will allow the enterprise to broaden its customer touchpoints: “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”.

Complementing Last-Mile Banking Capabilities

SIGN operates predominantly as a Corporate Business Correspondent (BC), focusing on financial inclusion through physical touchpoints and assisted models. The company's established services include customer service point (CSP) management, kiosk banking, Aadhaar Enabled Payment System (AEPS) transactions, Direct Benefit Transfer (DBT) facilitation, government social security scheme enrolments, financial literacy drives, and credit sourcing support.

To date, the company's network has processed over 15 million transactions, reached more than 5 million DBT beneficiaries, and conducted over 250 financial literacy initiatives. SIGN maintains ongoing corporate BC relationships with several major Indian public sector lenders and regional rural banks, including:

• State Bank of India (SBI)
• Punjab National Bank (PNB)
• Bank of Baroda
• UCO Bank
• Odisha Gramin Bank
• West Bengal Gramin Bank

Market Significance for Investors

For Indian market participants tracking MOS Utility, the back-to-back receipt of RBI approvals for both payment aggregation and prepaid issuance marks an important operational transformation. Previously reliant on fee-based assisted banking and distribution partnerships, the group is now positioned to capture transactional flows directly.

Operating as an authorised PPI issuer enables entities to hold stored-value balances, facilitate digital remittances, issue reloadable instruments, and link wallets with interoperable networks like UPI. Upon completing RBI’s formal compliance evaluations and securing final operating licences, SIGN intends to execute a phased rollout across its extensive partner touchpoint network, providing a digital alternative to cash transactions in regions where traditional credit and debit card penetration remains limited.

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