RNFI Money Pvt Ltd, a wholly owned subsidiary of RNFI Services Ltd, has received approval from the Reserve Bank of India to undertake cross-border trade remittances, expanding the company’s regulated payments and foreign exchange business.
The approval will allow RNFI Money to offer regulated foreign exchange, remittance and trade-payment services through RNFI’s existing last-mile network across India, the company said in a statement on Monday.
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The company said the expanded licence, which carries perpetual validity, will strengthen its ability to build its cross-border payments business over the long term and take such services beyond conventional bank branches and forex counters.
“Perpetual validity reflects the RBI's confidence in RNFI Money's governance and compliance record, and gives us the certainty to build our cross-border business for the long term. Cross-border payments in India have been concentrated in bank branches and metro forex counters,” RNFI Services Ltd MD Ranveer Khyalia said.
The approval comes as RNFI Services builds out a broader financial infrastructure platform. The company recently received in-principle authorisation from the RBI to operate as a Payment Aggregator - Physical (PA-P), adding another regulated payments capability to its business.
With the latest approval, RNFI Money can extend its regulated forex, remittance and trade-payment offerings through RNFI’s wider distribution network, potentially taking such services closer to customers outside traditional banking and foreign-exchange touchpoints.
The company said the cross-border authorisation would provide a foundation for expanding its payments business over the long term.
