EbixCash secures RBI licence to expand cross-border remittances

EbixCash World Money Limited 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 activities, enabling it to process trade remittances of up to $29,000 per transaction alongside family maintenance remittances. The regulatory approval has followed the RBI’s revision of the Foreign Exchange Management Act (FEMA) framework, extending these capabilities to AD-II entities for the first time.

Himanshu Pramanick, Chief Compliance Officer at EbixCash World Money Limited, said: “The expanded licence has reflected the strength of our governance and compliance framework. We intend to establish high standards for every trade remittance processed under this mandate.”

The expanded licence has enabled EbixCash World Money to offer cross-border payment services that have historically remained within the domain of banks and AD-I institutions. The company has stated that the approval has strengthened its ability to support MSMEs and SMEs by providing an alternative channel for international trade payments and permissible current account remittances.

The licence has complemented EbixCash World Money’s existing cross-border payments infrastructure, which has included RBI approval to maintain Nostro accounts, multicurrency prepaid travel card issuance through Visa and Mastercard principal memberships, and cross-border settlement capabilities.

TC Guruprasad, Managing Director and CEO of EbixCash World Money Limited, said: “We are the first AD-II in India to be handed this licence. Our vision extends beyond this approval as we continue building an integrated payments, remittance and foreign exchange ecosystem aligned with RBI’s Payments Vision 2028 and the G20 Roadmap for Enhancing Cross-Border Payments.”

The approval has positioned EbixCash World Money to broaden access to regulated cross-border payment services while supporting India’s growing MSME trade ecosystem.