NSE-listed fintech MOS Utility Limited has partnered with Bharat Co-operative Bank (Mumbai) Limited to offer digital payment services to merchants and businesses, pairing the bank’s regulated banking base with MOS’s technology stack and merchant network. The company announced the tie-up in a press release and stock exchange filing on 27 October 2026.
The partnership is part of MOS Utility’s broader push into technology-led financial services, with the company positioning itself as a B2B2C platform that brings banking, utility and payment services to small businesses across India.
What the partnership aims to do
Under the arrangement, MOS will use its platform and on-ground merchant reach to facilitate digital payment services in association with Bharat Co-operative Bank. The stated focus is on building scalable payment solutions that make it easier for merchants to accept and manage digital payments.
MOS Utility Group CEO Atish Shelar said the alliance brings banking expertise and technology capabilities together to make digital payments more accessible and efficient for businesses, describing it as an important step in helping merchants participate more actively in India’s digital economy.
Chairman and Founder Chirag Shah said collaborations between banks and fintech platforms are key to building a more connected payments ecosystem, and that partnerships of this kind can help merchants adopt digital solutions with greater ease and confidence.
Risk engines and fraud controls
Alongside the expansion, MOS said it has strengthened the security and reliability of its platform by deploying risk mitigation mechanisms and risk engines that identify, monitor and mitigate transaction risks. The company expects these controls to support fraud prevention, tighten transaction oversight and contribute to a more resilient payments environment, an increasingly important requirement as regulators sharpen expectations around merchant onboarding and transaction monitoring.
RBI in-principle approvals for SIGN
The bank tie-up comes as MOS Utility’s subsidiary, Samvriddhi Inclusive Growth Network Private Limited (SIGN), has secured in-principle approvals from the Reserve Bank of India for its Payment Aggregator (PA) and Prepaid Payment Instrument (PPI) businesses. SIGN also features among entities granted in-principle authorisation as a new online payment aggregator in the RBI’s latest status list of applications under the Payment and Settlement Systems Act, 2007.
Together, the bank partnership and the regulatory approvals give the group a wider set of building blocks for merchant acquiring, wallets and payment collection, as it looks to deepen its presence in the merchant payments segment.
Why it matters
Co-operative banks have been steadily stepping up their digital offerings, and partnerships with fintech platforms give them access to technology and distribution that would be costly to build in-house. For fintechs such as MOS, a banking partner provides the regulated rails needed to scale merchant services. With the RBI’s tighter framework for payment aggregators and the coming roll-out of MDR on select UPI merchant payments, bank–fintech alliances focused on compliant merchant payments are likely to remain an active space.
