EbixCash World Money Ltd on Tuesday said it has become the first non-bank entity in India to receive a perpetual Authorised Dealer Category-II (AD-II) licence from the Reserve Bank of India with permission to handle trade remittances and family maintenance remittances, opening a business segment that was previously dominated by banks.
The expanded licence allows EbixCash to process trade remittances of up to ₹25 lakh per transaction following changes to the Foreign Exchange Management Act (FEMA) framework introduced in May 2026. The revised rules enable AD-II entities to undertake these categories of current account transactions for the first time.
The company said the approval will enable it to directly serve micro, small and medium enterprises (MSMEs) engaged in exports and imports, reducing dependence on traditional banking channels for cross-border payments. EbixCash said it also has RBI approval to maintain Nostro accounts, allowing it to settle international transactions directly without routing them through correspondent banks.
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Managing Director and CEO TC Guruprasad described the licence as a milestone for the company, saying it reflects nearly three decades of regulatory compliance and positions EbixCash to expand its services to exporters and importers through its network of more than 100 branches across over 70 cities and counters at more than 20 international airports.
Chief Compliance Officer Himanshu Pramanick said the RBI’s decision to grant a perpetual licence with expanded powers underscores confidence in the company’s compliance and governance standards.
According to the company, it facilitates more than 75% of India’s cash-to-cash inward remittances and around 20% of outward remittances under the RBI’s Liberalised Remittance Scheme through the AD-II channel. It serves customers through more than 25,000 touchpoints and supplies foreign currency to over 40 partner banks.
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EbixCash said it was also the first Indian authorised dealer to enable real-time cross-border payments to the United Kingdom through the Faster Payments Service and to Europe via SEPA Instant. Established as a Full Fledged Money Changer in 1999, the company was upgraded to AD-II status in 2008 and has since expanded its cross-border payments business.
