MoneyOnMobile Makes Application for Payment Bank License From RBI

MUMBAI, February 9, 2015 /PRNewswire/ --

My Mobile Payments Ltd (MMPL), one of India's leading mobile payment solutions companies, has submitted an application for payment bank license from the Reserve Bank of India (RBI).

MoneyonMobile, which has a significant presence in India, particularly in the remotest corners of the country such as the North East region, has substantial experience in providing various kinds of payment services to millions of customers in the un-banked category. With a payment bank license, if allocated, MMPL can achieve its goal of providing various kinds of payment services and limited banking services to the migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users in addition to their existing customers across the nation including rural and remote locations such as the North East.

Shashank Joshi, Managing Director of MMPL, said, "Over the last five years, we have established a strong distribution channel all over India, and particularly in the North East. We wish to expand the range of financial services that will contribute to the financial inclusion vision of RBI. Lack of adequate number of banks in the region is one of the reasons for the poor financial health in the region." He further said, "The payment bank status, if allocated, will help us to provide basic banking services to our existing customers in the region. The Seven Sister states, Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura, has a number of rural locations, which may lack viability for large banks to operate in this region given the economies of scale. We consider this as an opportunity for a payment bank. Our plan is to upgrade our PPI business to payment bank and provide limited banking services as stipulated by RBI, in this region to commence with. Our mobile and physical network will provide for Omni channel presence to ensure high availability of services."

Mr. Sushil Poddar, Director, MMPL, adds, "The announcement of the Jan Dhan Yojana during the Prime Minister's Independence Day speech from the ramparts of the Red Fort on 15th August 2014, and launched subsequently on August 28, 2014 was the trigger for us to support our Prime Minister's mission. The payment bank platform, if provided to us, is the right platform to participate in nation building by reaching the un-banked and getting them to participate in the mainstream banking rather than relying on the local money lenders and chit-fund operators."

About MoneyOnMobile 

My Mobile Payments Limited (MMPL) is one of India's leading mobile payment solutions company, through its 'MoneyOnMobile' brand; a service aimed at bringing quick, simple and efficient mobile payment solutions to everyone. MoneyOnMobile enables purchase of goods, making easy payment top-ups, payment of utility bills, DTH recharges and more, just with the click of a button. MoneyOnMobile is an application with multi-lingual capability, and the first in India to have a multi-lingual app for a service in this category. MoneyOnMobile also announced the launch of its domestic Mobile Money Order service for customers in January 2015. MoneyOnMobile is currently authorized by the Reserve Bank of India (RBI) to set up semi-closed payment system in India, which enables registered users to buy good products and services from registered merchants. With MoneyOnMobile, Stop at Nothing Pay for Anything. For more information visit, www.money-on-mobile.com

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