Reserve Bank Of India grants Prepared Payment Instrument Licence To Mufin Finance.
Mufin Finance is one of the top NBFCs, which has received preliminary authorization from the RBI to issue prepaid payment instruments.
Some major consumer-facing applications like Digital Banks and Fintech companies are able to introduce features like digital payment solutions for imparting thanks to a semi-closed PPI Licence.
Mufin Finance is the fourth NBFC well-known company that gets a similar license from RBI just like Bajaj Finserve, Manapurram & Paul Merchants.
Mufin Finance was founded in 2016. The use of the MufinPay Platform for better service of its 50,000+ customers and bring new users.
The PPI examples are smart cards, digital wallets, and vouchers. It is a value store that is used to purchase products and services & transfer money.
Expand PPI usage which includes cash withdrawal of fully KYC PPI which is approved by RBI, last August.
Mufin Finance has developed into a full-service provider of financial services, SME loans, and personal loans, offering consumer working capital.
They operate without paper and have state-of-the-art loan origination &loan management systems.
It operates in seven states throughout India and manages the assets of more than 150 FinTech and Tech partnerships. Since its founding, the company has disbursed loans totaling almost INR 1500 crores. Its main goals are to serve an underserved market.
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