Fintech firm One MobiKwik Systems has received Reserve Bank of India (RBI) approval for a Non-Banking Financial Company (NBFC) licence — will operate through wholly-owned subsidiary MobiKwik Financial Services Private Limited (MFSPL) for regulated lending to consumers and merchants; approval reportedly came within four months; co-founder Upasana Taku said the milestone strengthens MobiKwik's transition from payments-only to a full-scale financial services platform.
फिनटेक कंपनी One MobiKwik Systems को रिज़र्व बैंक ऑफ़ इंडिया (RBI) से गैर-बैंकिंग वित्तीय कंपनी (NBFC) लाइसेंस की मंज़ूरी मिल गई है — पूर्ण-स्वामित्व वाली सहायक कंपनी MobiKwik Financial Services Private Limited (MFSPL) के माध्यम से उपभोक्ताओं एवं व्यापारियों को विनियमित ऋण देगी; मंज़ूरी कथित तौर पर चार महीने के भीतर मिली; सह-संस्थापक उपासना टकू ने कहा कि यह मील का पत्थर भुगतान-केवल से पूर्ण-स्केल वित्तीय सेवा मंच तक संक्रमण को मज़बूत करता है।
Why in News
Fintech firm One MobiKwik Systems has received approval from the Reserve Bank of India (RBI) for a Non-Banking Financial Company (NBFC) licence, marking a major milestone in the company's evolution from a digital-payments operator to a full-scale financial-services platform.
What the licence enables:
- Direct lending under a regulated framework
- Expansion of credit-product portfolio
- Operation under RBI's NBFC supervisory regime
- Approval reportedly came within four months of application — reflecting regulatory confidence in the company
MobiKwik Financial Services Private Limited (MFSPL): MobiKwik will launch a new lending division as a wholly-owned subsidiary. The new entity will:
- Design custom credit products
- Serve both consumers and merchants
- Expand the company's digital-lending capabilities
- Mark a strategic shift from payments to full-scale financial services
Leadership perspective: Co-founder Upasana Taku said the approval strengthens MobiKwik's credibility, enables transition into a scalable financial platform, and opens new avenues for growth and innovation. The quick approval timeline reflects regulatory trust.
Strengths backing the lending pivot: Existing large digital ecosystem, advanced technology infrastructure, and strong risk-underwriting systems built up over years of payments operations.
About NBFCs: A Non-Banking Financial Company is a financial institution regulated by the RBI that provides loans and credit facilities, offers services similar to banks, but operates without a full banking licence. NBFCs play a crucial role in expanding credit access in underserved segments — particularly to MSMEs, retail borrowers, and unbanked populations.
At a Glance
- Company
- One MobiKwik Systems — Indian fintech firm
- Approval
- Non-Banking Financial Company (NBFC) licence from the Reserve Bank of India
- Approval timeline
- Reportedly within 4 months of application
- New subsidiary
- MobiKwik Financial Services Private Limited (MFSPL) — wholly-owned
- Target customers
- Both consumers and merchants
- Strategic shift
- From payments-only to full-scale financial services
- Leadership
- Co-founder Upasana Taku quoted on the milestone
- Strengths
- Large digital ecosystem; advanced tech infrastructure; strong risk-underwriting systems
- NBFC definition
- Financial institution regulated by RBI; provides loans and credit; operates without full banking licence
- Regulatory significance
- Brings MobiKwik's lending under RBI's NBFC supervisory framework — capital adequacy, asset-quality norms, governance
Fintech firm One MobiKwik Systems has received approval from the Reserve Bank of India (RBI) for a Non-Banking Financial Company (NBFC) licence — enabling it to enter regulated lending through its new wholly-owned subsidiary MobiKwik Financial Services Private Limited (MFSPL). The approval reportedly came within four months.
What the NBFC licence enables MobiKwik to do:
- Offer loans directly to consumers and merchants under RBI's regulated framework
- Expand its credit-product portfolio beyond payments-linked Buy Now Pay Later (BNPL) and small-ticket lending
- Operate under the RBI's NBFC supervisory regime — capital adequacy norms, asset-classification rules, governance standards
- Mark a strategic shift from payments-only fintech to full-scale financial services platform
About MobiKwik Financial Services Private Limited (MFSPL):
- Newly launched wholly-owned subsidiary of One MobiKwik Systems
- Will design custom credit products for both consumers and merchants
- Expand digital-lending capabilities
- Will operate as MobiKwik's regulated lending arm
Co-founder Upasana Taku's perspective:
- Approval is an important milestone in the company's evolution
- Strengthens MobiKwik's credibility in the Indian financial ecosystem
- Enables transition into a scalable financial platform
- Opens new avenues for growth and innovation
- Quick approval timeline reflects regulatory trust
Strengths backing MobiKwik's lending pivot:
- Large digital ecosystem — millions of users across the payments and wallet platform
- Advanced technology infrastructure — APIs, analytics, real-time processing
- Strong risk-underwriting systems — built up through years of small-ticket BNPL operations
- Merchant network — already integrated through payments operations
About NBFCs in India:
- Definition: A Non-Banking Financial Company is a financial institution regulated by the Reserve Bank of India that provides loans, credit, leasing, hire-purchase, asset financing, and other financial services
- Operates without a full banking licence — cannot accept demand deposits like savings or current accounts
- Cannot issue cheques drawn on itself
- Not part of the payment and settlement system
- Regulated under the Reserve Bank of India Act, 1934 — Chapter IIIB
- Required to register with RBI under Section 45-IA of the RBI Act
- Various categories: Investment & Credit Companies (ICC), Infrastructure Finance Companies (IFC), Microfinance Institutions (MFI), Housing Finance Companies (HFC), Asset Reconstruction Companies (ARC), and others
- Scale-Based Regulation (SBR) framework introduced October 2022 — categorises NBFCs as Base, Middle, Upper, and Top Layers based on asset size, complexity, and systemic risk
- NBFCs play a crucial role in expanding credit access to MSMEs, retail borrowers, and unbanked populations — complementing the formal banking sector
India's fintech ecosystem:
- UPI (Unified Payments Interface) launched April 2016 by NPCI; >18 billion transactions/month in 2025
- Aadhaar-enabled Payments System (AePS)
- DPI@2047 roadmap (NITI Aayog) — vision for Digital Public Infrastructure to 2047
- Account Aggregator framework — consent-based financial-data sharing
- Open Network for Digital Commerce (ONDC) — open commerce protocol
- Fintech NBFCs include MobiKwik MFSPL, Paytm-related entities, BharatPe-Centrum, Razorpay-related lending arms, Slice, KreditBee, ZestMoney, and others
Wider regulatory context:
- RBI Master Directions on Digital Lending (2022) — regulates app-based lending platforms; protects borrowers from harassment, opaque pricing
- Personal Data Protection Act (Digital Personal Data Protection Act, 2023) — applies to fintech data practices
- Co-lending model — RBI-permitted partnership between banks and NBFCs for priority-sector lending
- NBFC SBR framework (October 2022) — risk-based supervision
About Upasana Taku and Bipin Preet Singh:
- Bipin Preet Singh — Co-founder & MD/CEO of MobiKwik
- Upasana Taku — Co-founder & CFO/COO; widely recognised as one of India's most prominent women fintech entrepreneurs
- MobiKwik founded in 2009
- Listed on BSE and NSE in December 2024 through an IPO
- Originally a mobile-recharge platform; evolved into wallet, payments, BNPL, and now NBFC lending
फिनटेक फर्म One MobiKwik Systems को RBI से NBFC लाइसेंस की मंज़ूरी मिली है — विनियमित ऋण देने में प्रवेश सक्षम होगा नई पूर्ण-स्वामित्व वाली सहायक कंपनी MobiKwik Financial Services Private Limited (MFSPL) के माध्यम से। मंज़ूरी कथित तौर पर चार महीने के भीतर मिली।
लाइसेंस क्या सक्षम करता है:
- उपभोक्ताओं एवं व्यापारियों को सीधे ऋण RBI के विनियमित ढाँचे के तहत
- क्रेडिट उत्पाद पोर्टफ़ोलियो का विस्तार
- RBI के NBFC पर्यवेक्षी शासन के तहत संचालन — पूँजी पर्याप्तता, संपत्ति-वर्गीकरण, शासन
- भुगतान-केवल फिनटेक से पूर्ण-स्केल वित्तीय सेवा मंच की रणनीतिक बदलाव
MFSPL के बारे में:
- नई पूर्ण-स्वामित्व वाली सहायक कंपनी
- उपभोक्ताओं एवं व्यापारियों के लिए अनुकूलित क्रेडिट उत्पाद
- डिजिटल ऋण क्षमताओं का विस्तार
सह-संस्थापक उपासना टकू:
- मंज़ूरी = कंपनी के विकास में महत्वपूर्ण मील का पत्थर
- भारतीय वित्तीय पारिस्थितिकी में MobiKwik की विश्वसनीयता को मज़बूत करता है
- स्केलेबल वित्तीय मंच में संक्रमण सक्षम
- तेज़ अनुमोदन समयरेखा = नियामक विश्वास
MobiKwik की ताक़तें:
- बड़ी डिजिटल पारिस्थितिकी — भुगतान + वॉलेट प्लेटफ़ॉर्म पर लाखों उपयोगकर्ता
- उन्नत तकनीकी अवसंरचना
- मज़बूत जोखिम-अंडरराइटिंग सिस्टम (वर्षों के BNPL संचालन से)
- व्यापारी नेटवर्क भुगतान संचालन के माध्यम से एकीकृत
NBFC के बारे में:
- परिभाषा: RBI द्वारा विनियमित वित्तीय संस्थान जो ऋण, क्रेडिट, लीज़िंग, परिसंपत्ति वित्तपोषण आदि प्रदान करता है
- पूर्ण बैंकिंग लाइसेंस के बिना संचालित — माँग जमा (बचत/चालू खाते) स्वीकार नहीं कर सकता
- खुद पर खींचे गए चेक जारी नहीं कर सकता
- भुगतान एवं निपटान प्रणाली का हिस्सा नहीं
- RBI Act 1934 — Chapter IIIB के तहत विनियमित
- Section 45-IA के तहत RBI के साथ पंजीकरण आवश्यक
- स्केल-आधारित विनियमन (SBR) = अक्टूबर 2022 में पेश किया गया
भारत की फिनटेक पारिस्थितिकी:
- UPI अप्रैल 2016 NPCI द्वारा शुरू; 2025 में >18 बिलियन लेन-देन/माह
- DPI@2047 रोडमैप (NITI Aayog)
- खाता एग्रीगेटर ढाँचा
- ONDC
व्यापक नियामक संदर्भ:
- RBI डिजिटल ऋण पर मास्टर निर्देश (2022)
- डिजिटल व्यक्तिगत डेटा संरक्षण अधिनियम 2023
- सह-ऋण मॉडल — RBI-अनुमत बैंक-NBFC साझेदारी
उपासना टकू एवं बिपिन प्रीत सिंह:
- बिपिन प्रीत सिंह — सह-संस्थापक एवं MD/CEO
- उपासना टकू — सह-संस्थापक एवं CFO/COO; भारत की प्रमुख महिला फिनटेक उद्यमियों में से एक
- 2009 में स्थापित
- दिसंबर 2024 में BSE एवं NSE पर सूचीबद्ध (IPO)
| Attribute | Commercial bank | NBFC |
|---|---|---|
| Regulatory framework | Banking Regulation Act 1949 + RBI Act 1934 | RBI Act 1934 Chapter IIIB; registration under Section 45-IA |
| Demand deposits (savings/current) | Yes — accepts savings and current accounts | No — cannot accept demand deposits |
| Cheques on itself | Yes — issues cheques drawn on itself | No — cannot issue cheques on itself |
| Payment and settlement system | Part of the system | Not part of the system |
| Lending | Yes — major activity | Yes — core activity |
| Deposit insurance (DICGC) | Yes — up to ₹5 lakh per depositor | No — DICGC does not cover NBFCs |
| Statutory ratios (CRR, SLR) | Required to maintain CRR + SLR | Not subject to CRR + SLR; have separate liquidity and capital requirements |
Static GK
- •Non-Banking Financial Company (NBFC): Financial institution regulated by RBI that provides loans, credit, leasing, asset financing; operates without a full banking licence; cannot accept demand deposits or issue cheques on itself; regulated under Reserve Bank of India Act 1934 Chapter IIIB; required to register under Section 45-IA
- •NBFC vs Bank — key differences: Banks accept demand deposits (savings, current); part of payment and settlement system; can issue cheques. NBFCs cannot accept demand deposits; not part of payment system; cannot issue cheques on themselves; regulated under different framework
- •NBFC categories (RBI): Investment & Credit Companies (ICC); Infrastructure Finance Companies (IFC); Microfinance Institutions (NBFC-MFI); Housing Finance Companies (HFC); Asset Reconstruction Companies (ARC); Core Investment Companies (CIC); Infrastructure Debt Funds (IDF); Mutual Benefit Financial Companies; NBFC-Factors
- •NBFC Scale-Based Regulation (SBR) framework: Introduced by RBI October 2022; categorises NBFCs into 4 layers based on asset size, complexity, and systemic risk: Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL), Top Layer (NBFC-TL); higher layers face progressively stricter supervision
- •RBI Act 1934: Founding statute of the Reserve Bank of India; established RBI on 1 April 1935; nationalised 1949; Chapter IIIB regulates NBFCs; key sections: Section 45-IA (registration of NBFCs), Section 45-IB (maintenance of liquid assets), Section 45-IC (creation of reserve fund)
- •MobiKwik basics: Indian fintech firm founded in 2009 by Bipin Preet Singh and Upasana Taku; originally a mobile-recharge platform; evolved into wallet, payments, BNPL; listed on BSE and NSE in December 2024; new wholly-owned NBFC subsidiary MFSPL launched in 2026
- •RBI Master Directions on Digital Lending, 2022: Issued by RBI September 2022; regulates app-based lending platforms; protects borrowers from harassment and opaque pricing; requires direct disbursement and repayment between borrower and regulated entity; bans first-loss default guarantees by unregulated parties
- •Co-lending model: RBI-permitted partnership between banks and NBFCs (especially for priority-sector lending); banks contribute 80% of loan, NBFCs 20%; aims to leverage NBFC last-mile reach with bank balance-sheet
- •Digital Personal Data Protection Act, 2023: India's data-protection legislation; effective from various dates with rules notified during 2025-26; applies to fintech data practices, consent management, breach notification, and rights of data principals
- •UPI — Unified Payments Interface: Real-time payment system launched by National Payments Corporation of India (NPCI) on 11 April 2016; allows instant inter-bank transactions; >18 billion transactions/month in 2025; foundational layer of India's digital payments infrastructure
- •NPCI — National Payments Corporation of India: Umbrella organisation for retail payment systems in India; established 2008 as joint venture under guidance of RBI and IBA; operates UPI, IMPS, NACH, RuPay card scheme, Aadhaar-enabled Payments System (AePS), and others
- •Indian fintech ecosystem: Major players include Paytm, MobiKwik, PhonePe, Google Pay, BharatPe, Razorpay, Cred, Slice, KreditBee, ZestMoney, Pine Labs, and others; supported by India Stack (Aadhaar + UPI + DigiLocker + Account Aggregator + ONDC)
Timeline
- 1934Reserve Bank of India Act passed
- 1935 (1 April)Reserve Bank of India established
- 1949RBI nationalised
- 2008NPCI established as umbrella organisation for retail payments
- 2009MobiKwik founded by Bipin Preet Singh and Upasana Taku
- 2016 (11 April)UPI launched by NPCI
- 2022 (September)RBI Master Directions on Digital Lending issued
- 2022 (October)NBFC Scale-Based Regulation (SBR) framework operational
- 2023 (August)Digital Personal Data Protection Act enacted
- 2024 (December)MobiKwik listed on BSE and NSE through IPO
- 2026 (April)MobiKwik receives RBI NBFC licence; launches MobiKwik Financial Services Private Limited (MFSPL) as wholly-owned NBFC subsidiary
- →Company: One MobiKwik Systems — Indian fintech
- →Approval: RBI NBFC licence
- →New subsidiary: MobiKwik Financial Services Private Limited (MFSPL) — wholly-owned
- →Approval timeline: within 4 months
- →Target customers: both consumers + merchants
- →Strategic shift: payments-only → full-scale financial services
- →Co-founders: Bipin Preet Singh + Upasana Taku (founded 2009)
- →Listed on BSE + NSE in December 2024
- →NBFC = regulated by RBI under RBI Act 1934 Chapter IIIB
- →NBFC registration: Section 45-IA of RBI Act
- →NBFC vs bank: cannot accept demand deposits + cannot issue cheques on itself + not part of payment and settlement system
- →NBFC SBR framework (Oct 2022) = 4 layers: Base + Middle + Upper + Top
- →RBI Master Directions on Digital Lending = Sept 2022
- →Co-lending model = bank 80% + NBFC 20% (priority sector lending)
- →NPCI = National Payments Corporation of India; established 2008; operates UPI, IMPS, RuPay, AePS
- →UPI launched 11 April 2016
- →RBI founded 1 April 1935 under RBI Act 1934
- →Digital Personal Data Protection Act 2023
- →Fintech ecosystem: Paytm, MobiKwik, PhonePe, BharatPe, Razorpay, Cred, Slice, KreditBee
Exam Angles
One MobiKwik Systems received RBI NBFC licence approval — to operate through wholly-owned subsidiary MobiKwik Financial Services Private Limited (MFSPL) for regulated lending to consumers and merchants; approval came within 4 months; co-founder Upasana Taku said it strengthens transition to full-scale financial services platform; NBFC = financial institution regulated by RBI under RBI Act 1934 Chapter IIIB; provides loans/credit but operates without full banking licence; cannot accept demand deposits; NBFC SBR framework (Oct 2022) categorises into 4 layers — Base, Middle, Upper, Top; MobiKwik = founded 2009 by Bipin Preet Singh + Upasana Taku; listed on BSE+NSE Dec 2024.
Q1. Which fintech firm received RBI approval for an NBFC licence in April 2026?
- A.Paytm
- B.One MobiKwik Systems — will operate through wholly-owned subsidiary MobiKwik Financial Services Private Limited (MFSPL); approval reportedly came within four months
- C.PhonePe
- D.Razorpay
tap to reveal answer
Answer: B. One MobiKwik Systems — will operate through wholly-owned subsidiary MobiKwik Financial Services Private Limited (MFSPL); approval reportedly came within four months
One MobiKwik Systems has received approval from the Reserve Bank of India (RBI) for a Non-Banking Financial Company (NBFC) licence — enabling it to enter regulated lending through its new wholly-owned subsidiary MobiKwik Financial Services Private Limited (MFSPL). The approval reportedly came within four months of application. Co-founder Upasana Taku said the milestone strengthens MobiKwik's transition from payments-only to a full-scale financial services platform.
Common Confusions
- Trap · Company that received the licence
Correct: One MobiKwik Systems — fintech firm; not Paytm, PhonePe, or Razorpay
- Trap · New subsidiary name
Correct: MobiKwik Financial Services Private Limited (MFSPL) — wholly-owned NBFC subsidiary; will design custom credit products for consumers and merchants
- Trap · Approval timeline
Correct: Within 4 months of application — quick approval reflects regulatory trust
- Trap · MobiKwik co-founders
Correct: Bipin Preet Singh (MD/CEO) + Upasana Taku (CFO/COO); founded 2009; listed on BSE + NSE in December 2024 through IPO
- Trap · NBFC regulatory framework
Correct: RBI Act 1934, Chapter IIIB; registration under Section 45-IA; not Banking Regulation Act 1949 (which governs banks)
- Trap · NBFC vs bank — demand deposits
Correct: NBFCs CANNOT accept demand deposits (savings or current accounts); banks can — this is the foundational difference
- Trap · NBFC vs bank — payment system
Correct: NBFCs are NOT part of the payment and settlement system; cannot issue cheques drawn on themselves; banks can do both
- Trap · NBFC SBR framework
Correct: Introduced October 2022 by RBI; 4 layers — Base (BL), Middle (ML), Upper (UL), Top (TL) — based on asset size, complexity, systemic risk
- Trap · RBI Master Directions on Digital Lending
Correct: September 2022; protects borrowers from harassment + opaque pricing; requires direct disbursement and repayment between borrower and regulated entity
- Trap · Co-lending model split
Correct: Bank 80% + NBFC 20% — RBI-permitted model for priority-sector lending; leverages NBFC last-mile reach with bank balance-sheet
- Trap · Deposit insurance for NBFCs
Correct: DICGC insurance covers BANKS up to ₹5 lakh per depositor; does NOT cover NBFCs — depositor risk is different
- Trap · RBI founding
Correct: Established 1 April 1935 under the Reserve Bank of India Act 1934; nationalised 1949
- Trap · NPCI basics
Correct: National Payments Corporation of India; established 2008; operates UPI (April 2016), IMPS, NACH, RuPay, AePS