India's MobiKwik gets central bank nod for non-banking financial company licence
FILE PHOTO: MobiKwik web page is seen in this illustration taken December 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
BENGALURU, April 27 : Indian fintech firm One MobiKwik Systems said on Monday that its group has received approval from the Reserve Bank of India for a non-banking financial company (NBFC) licence.
• The licence will allow MobiKwik to launch a lending arm, Mobikwik Financial Services, expanding its regulated credit offering.
• Shares of the company rose 14 per cent after the annoucement.
• One MobiKwik Systems operates a digital wallet and has expanded into the distribution of financial products, including credit and investments.
• The NBFC licence will also enable MobiKwik to roll out lending products faster and improve margins by bringing credit operations in-house, the company said.
• The unit will offer secured and unsecured loans to consumers and small businesses, with a focus on underserved markets.
• The company said non-bank lending operations will begin after it receives a certificate of registration from the central bank on fulfilment of certain conditions.
