Fintech gets RBI nod for remittances

RNFI Money, a subsidiary of RNFI Services, received approval from India's central bank to offer cross-border trade remittances and foreign exchange services.

Perpetual licence signals long-term confidence

The approval carries perpetual validity, reflecting the RBI's trust in RNFI Money's governance and compliance, giving the company certainty to build its cross-border business.

“Perpetual validity reflects the RBI's confidence in RNFI Money's governance and compliance record”

Breaking out of metro forex counters

Cross-border payments in India have been concentrated in bank branches and metro forex counters. RNFI Money can now extend these services through its wider distribution network.

“Cross-border payments in India have been concentrated in bank branches and metro forex counters”

Expanding beyond traditional banking touchpoints

The approval allows RNFI Money to offer regulated forex, remittance and trade-payment services through RNFI's existing last-mile network across India, reaching customers outside traditional banking.

Building broader financial infrastructure

RNFI Services is expanding its regulated payments capabilities. It recently received in-principle authorization to operate as a Payment Aggregator, adding another layer to its business.

Long-term foundation for payments growth

The cross-border authorization provides a foundation for RNFI Money to expand its payments business over the long term, potentially taking regulated services closer to customers nationwide.