EbixCash World Money gets perpetual RBI licence for trade and family remittances

EbixCash World Money has become the first Authorised Dealer Category-II (AD-II) entity in India to receive a perpetual Reserve Bank of India (RBI) licence with an expanded scope of permitted activities, following changes to the Foreign Exchange Management Act (FEMA) framework announced in May 2026.

The regulatory change allows AD-II entities to process trade remittances of up to Rs 25 lakh per transaction and family maintenance remittances, activities previously handled primarily by banks and Authorised Dealer Category-I (AD-I) institutions.

For EbixCash World Money, the licence expands its role in India's cross-border payments ecosystem and opens up a new opportunity to serve micro, small, and medium enterprises (MSMEs), particularly exporters and importers that rely on international payments.

“This is the moment nearly three decades of building trust with the regulator pays off,” said TC Guruprasad, Managing Director and CEO, EbixCash World Money. “We are the first AD-II in India to be handed this licence. It's RBI's endorsement of everything we've built in governance, compliance, and customer protection since 1999.”

The licence comes at a time when India's MSMEs are increasingly participating in global trade but often depend on banks for cross-border transactions. With the revised FEMA framework, AD-II entities can now facilitate eligible trade remittances of up to Rs 25 lakh, giving businesses an additional regulated channel for making international payments.

For EbixCash World Money, which has been operating in cross-border payments since 1999, the regulatory approval builds on an existing network of more than 100 branches across over 70 cities, a presence at more than 20 international airports, and over 25,000 customer touchpoints across the country.

The company says it now plans to take the expanded trade remittance capability directly to MSMEs alongside its existing foreign exchange and remittance business.

“MSMEs have never had an accessible, non-bank channel for trade remittance,” Guruprasad said. “With 100-plus branches in 70-plus cities and a presence at more than 20 international airports, we're taking this capability directly to where India's exporters and importers already are.”

Why the licence matters

The RBI’s revised FEMA framework marks one of the biggest changes for Authorised Dealer Category-II (AD-II) entities in recent years. By allowing them to facilitate trade remittances of up to Rs 25 lakh and family maintenance remittances, the regulator has widened the role non-bank foreign exchange players can play in India's cross-border payments ecosystem.

For businesses, particularly MSMEs, the change creates an additional regulated channel for international payments. Until now, trade remittances largely flowed through banks and AD-I institutions. The expanded mandate allows eligible AD-II entities such as EbixCash World Money to offer these services directly.

The company believes this could help address a long-standing gap for smaller businesses engaged in international trade.

“Our vision extends well beyond this licence,” Guruprasad said. “EbixCash World Money is recognised as one of India's most trusted and comprehensive payments and foreign exchange platforms, one that brings payments, remittances, travel cards, and treasury together on a single technology-driven ecosystem.”

The licence also builds on infrastructure the company has developed over the years. EbixCash World Money has RBI approval to maintain Nostro accounts, enabling it to settle cross-border transactions directly rather than relying entirely on correspondent banking relationships. It is also a Principal Member of both Visa and Mastercard and issues multicurrency prepaid travel cards across more than 12 currencies.

Together with the expanded remittance mandate, these capabilities allow the company to offer a wider range of cross-border payment services spanning trade remittances, family maintenance remittances, travel cards, foreign exchange, and international payments.

The approval also reflects the company's regulatory track record, according to Himanshu Pramanick, Chief Compliance Officer at EbixCash World Money.

“A perpetual licence isn't handed out lightly, and an expanded activity scope on top of it is rarer still,” he said. “RBI is trusting us with a wider mandate because our compliance architecture has been tested and proven, transaction after transaction, and audit after audit.”

Building a cross-border payments network

While EbixCash World Money is best known for its foreign exchange business, the company has steadily expanded into cross-border payments, remittances, travel cards, and treasury services over the past two decades.

Today, it facilitates more than 75% of India's cash-to-cash inward remittances and close to 20% of outward remittances routed through the AD-II channel under the Liberalised Remittance Scheme (LRS). Its operations are supported by more than 25,000 customer touchpoints across the country and partnerships with over 40 banks for foreign exchange services.

The company describes its model as “phygital”, combining digital platforms with a nationwide physical network. Customers can buy foreign currency, apply for travel cards, or initiate remittances online while also accessing in-person services through branches and airport counters for documentation and regulatory assistance.

Alongside its physical network, EbixCash World Money has invested in technology to support cross-border transactions, including automated treasury operations, AI-based compliance and fraud monitoring, document verification, and real-time transaction screening.

The company has also introduced real-time cross-border payments to the United Kingdom through the Faster Payments Service and to Europe through SEPA Instant. It is also a Principal Member of both Visa and Mastercard, issuing multicurrency prepaid travel cards across more than 12 currencies.

For Guruprasad, the company's ambition extends beyond foreign exchange.

“We don't just want to participate in India's digital payments story. We intend to help shape it,” Guruprasad said.