SIGN gets RBI nod to launch prepaid payment services

By Divya Shah

Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), a subsidiary of MOS Utility Limited, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Prepaid Payment Instrument (PPI) issuer, enabling it to offer a range of digital payment solutions across its financial inclusion network. 

The approval marks a significant step in SIGN’s expansion into digital payments and complements its existing assisted banking operations. The company plans to introduce prepaid payment solutions for consumers, merchants and businesses, including digital wallets, merchant payment services, corporate and employee payment programmes, customer rewards offerings and solutions tailored to underserved, semi-urban and rural markets. 

The new PPI business will also strengthen SIGN’s growing payments portfolio alongside its recently received in-principle authorisation from the RBI to operate as an Online Payment Aggregator (PA-Online). 

Atish Shelar, Group CEO of Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), said, “As payment needs evolve, our focus will be on creating solutions that make digital transactions simpler and more accessible across markets.” 

SIGN currently operates a broad portfolio of financial inclusion services, including kiosk banking, Aadhaar Enabled Payment System (AEPS) services, Direct Benefit Transfer (DBT) facilitation, government social-security scheme enrolment, financial literacy initiatives, loan sourcing and recovery support, and customer service point (CSP) management. 

According to the company, its network has processed more than 15 million transactions, reached over five million DBT beneficiaries, and conducted more than 250 financial literacy programmes across the country. 

Ravi Ruparellia, Managing Director of MOS Utility Limited, said: “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 works with several banks, including State Bank of India, Punjab National Bank, Bank of Baroda, Odisha Gramin Bank, West Bengal Gramin Bank and UCO Bank. The company plans to build a dedicated online payment aggregation business alongside its existing last-mile financial inclusion operations. 

Following final RBI approval, SIGN will begin rolling out prepaid payment offerings, further expanding its digital financial services footprint and supporting greater access to digital payments in underserved and emerging markets.