SIGN receives RBI nod for online payment aggregator licence

By Divya Shah

Samvriddhi Inclusive Growth Network (SIGN) has received in-principle approval from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator (PA-Online). 

Subject to final approval from the RBI, SIGN plans to launch online payment aggregation services for merchants, with a particular focus on small businesses operating in rural, semi-urban and underserved markets. 

The company plans to offer a range of payment acceptance solutions, including payment gateway services that support UPI, QR-based payments, credit and debit cards, and net banking. 

Atish Shelar, Group CEO of Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), said the authorisation creates a new growth avenue for the company as it expands beyond its traditional financial inclusion operations. 

“The Payment Aggregator authorisation strengthens our ability to enter the online digital payments market and build technology-led payment solutions for merchants. This is a new growth opportunity for Samvriddhi as we expand from last-mile banking into online payment aggregation,” he added. 

The platform will also provide digital collections, payment links and other payment management capabilities aimed at helping merchants accept and manage online transactions. 

SIGN said its payment aggregator business will operate as a dedicated digital offering, separate from its existing customer service point (CSP)-led assisted banking and financial inclusion activities. 

The company currently works with several banking partners, including State Bank of India, Punjab National Bank, Bank of Baroda, Odisha Gramin Bank, West Bengal Gramin Bank and UCO Bank.  

With the proposed payment aggregation business, SIGN aims to complement its existing last-mile financial services network with digital payment acceptance capabilities. 

Chirag Shah, Chairman and Founder, MOS Utility Limited, said, “The PA-Online authorisation gives us the foundation to build digital payment acceptance and online collection capabilities and, over time, evaluate additional digital payment and financial services, subject to the relevant regulatory framework. Our focus at this stage is on building a strong online payment aggregation platform for merchants.”