One of the top NBFCs, Mufin Finance, has received preliminary authorisation from the RBI to issue semi-closed prepaid payment instruments. Digital banks, fintech companies, and major consumer-facing applications are able to introduce features like digital payment solutions for lending thanks to a semi-closed PPI licence. Following well-known companies like Bajaj Finserve, Manapurram, and Paul Merchants, Mufin Finance is the fourth NBFC to get a similar licence from the RBI.
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About Mufin Finance:
Since its founding in October 2016, Mufin Finance has developed into a full-service provider of financial services, offering consumers working capital, personal loans, SME loans, and auto financing. They operate without paper and have state-of-the-art loan origination and loan management systems. They have operations all throughout India, are present in seven states, and manage the assets of more than 150 FinTech & Tech partnerships. Since its founding, the company has disbursed loans totaling almost INR 1500 crores. Their main goals are to serve the underserved market and become one of India’s top Fintech Enablers by focusing on social and green impact loans.
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