RBI Grants In-Principle Authorization to Samvriddhi Inclusive Growth Network for Online Payment Aggregator Operations

Key facts

• Samvriddhi Inclusive Growth Network Pvt. Ltd. (SIGN), a Corporate Business Correspondent focused on last-mile financial inclusion, received in-principle authorization from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator (PA-Online).
• Subject to final RBI authorization, SIGN will offer merchants online payment aggregation services including payment gateway services for UPI, QR-based payments, credit and debit cards, and net banking, along with digital collections and payment links.
• The PA-Online business will operate as a dedicated digital offering, separate from SIGN's existing CSP-led assisted banking and financial inclusion activities, focusing on small businesses and merchants in rural, semi-urban, and underserved markets.
• Samvriddhi has operated as a Corporate Business Correspondent since 2010 with over 10,000 Customer Service Points across 12 states, working with State Bank of India, Punjab National Bank, Bank of Baroda, Odisha Gramin Bank, West Bengal Gramin Bank, and UCO Bank.
• Atish Shelar is the Group CEO of Samvriddhi Inclusive Growth Network Pvt. Ltd.