- One Mobikwik received RBI approval for its NBFC application, the company confirmed
- The NBFC license allows Mobikwik to launch a new lending division, MobiKwik Financial Services
- This division will expand lending capabilities and offer innovative credit products to users
In a major development in the Indian non-banking financial company (NBFC) space, One Mobikwik has received Reserve Bank of India approval for its NBFC application, the company confirmed in an exchange filing.
This is a major milestone for the fintech company, as it means the entity can now operate as an NBFC. Mobikwik confirms that the license will now enable the company to launch a new lending division - MobiKwik Financial Services.
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The arm will help Mobikwik expand its lending capabilities, design innovative credit products, and serve a broader base of consumers and merchants with greater efficiency and control, the company said.
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Speaking on the development, Mobikwik's Executive Director, Co-founder & CFO, MobiKwik, Upasana Taku, highlighted RBI's trust in the fintech co.
“The NBFC application approval is a pivotal step in MobiKwik Group's evolution into a scaled financial services platform. We are especially happy that the application has been approved in under four months, which is an endorsement of the credibility of the Group, and are grateful to the RBI for reposing its faith in us," he said.
The news of Mobikwik's NBFC license was well received in the Dalal Street, with the stock rallying as much as 11% intraday.
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