Mufin Green Finance Hits 5% Upper Circuit On RBI Approval of PPI License To Launch Super App

The Reserve Bank of India (RBI) has approved Mufin Green Finance to operate as an issuer of pre-paid instruments (PPI), allowing it to launch the "Super App" for comprehensive financial services. The company opened today on the BSE at Rs 103.70 apiece and reached an upper circuit limit of 5% at Rs 106.44 during the morning deals.

Currently, Rupee Circle, Hindon Mercantile, and Mufin Green Finance are part of the group enterprises. The upcoming PPI product will be issued as licenced prepaid wallets under the brand name "Mufinpay."

With the PPI authorization, Mufinpay is capable of offering a multitude of financial services, including a PPI Wallet, UPI, FastTag, Prepaid Gift Cards, and other value-added services. Mufin will be releasing a "Super App" that will have extensive financial services features and a banking-like experience.

"Our unwavering commitment to making financial services more accessible, convenient, and user-friendly will be a driving force in reshaping India's financial landscape. Our journey has just begun, and we look forward to continuing to serve and empower individuals and businesses across the nation," said Ankush Julka, Chief Operating Officer of Mufin Group to Times of India.

Kapil Garg, Managing Director of Mufin Group said, "United in purpose, our group is a driving force in reshaping India's financial landscape. With each unit contributing uniquely to the path of a financial revolution, our PPI-licensed products will empower the underserved customers with unmatched financial inclusivity," as per a report of Times of India.

In India, Mufin Green Finance, a subsidiary of Hindon Mercantile Limited, is a leader in climate financing services. By offering loans for revenue production through electric vehicles, electric charging infrastructure, and swappable batteries, the firm is enhancing the nation's EV ecosystem. Muffin Green Finance offers finance to underserved and unbanked audiences in order to generate revenue.