RBI Grants In-Principle Approvals to ZikZuk and Emirates NBD. Banking & Finance | Dated: 22 May 2025 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). 🎯 Key Highlights: - 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. 💡 Other Important Facts: (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. 📚 Test Your Knowledge: Which institution recently granted in-principle approvals to ZikZuk and Emirates NBD? Correct Answer: RBI 🚀 Quick Recap: About Emirates NBD Bank PJSC CEO : Shayne Nelson Headquarters: Dubai