One MobiKwik Systems Gets RBI Nod for NBFC License; Shares Jump 17%

MT Newswires Live

04/27

One MobiKwik Systems (NSE:MOBIKWIK, BOM:544305) received approval from the Reserve Bank of India for its non-banking financial company (NBFC) license, according to a Monday filing to the Indian stock exchanges.

The NBFC license will enable the company to launch a new lending division through a wholly-owned subsidiary named MobiKwik Financial Services.

The new division will help the company expand its regulated lending capabilities, design new credit products, and serve a broader base of consumers and merchants.

The NBFC's operations will start after receiving the RBI's certificate of registration on the fulfilment of certain conditions.

The company's shares shot up nearly 17% in recent trade.

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