RBI Grants In-Principle Approvals to ZikZuk and Emirates NBD.

Banking & Finance

In May 2025, Hyderabad (Telangana)-based fintech startup ZikZuk received in-principle authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI).


      - With RBI’s approval, ZikZuk is now authorised to issue prepaid wallets and cards and facilitate Unified Payments Interface (UPI) transactions through third-party apps such as Google Pay, Amazon Pay, and CRED.

     

     

Main Point :-   (i) The RBI also granted in-principle approval to Emirates NBD Bank PJSC for establishing a Wholly Owned Subsidiary (WoS) in India under the “Scheme for Setting up of WoS by foreign banks in India.”

      (ii) Additionally, the RBI cancelled the licence of Lucknow, Uttar Pradesh-based HCBL Co-operative Bank due to insufficient capital and poor earning prospects. The bank ceased all banking operations effective May 19, 2025.


About Emirates NBD Bank PJSC

CEO : Shayne Nelson
Headquarters: Dubai
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