RNFI Services secures RBI approval for Payment Aggregator licence

By Divya Shah

RNFI Services Limited has announced that the Reserve Bank of India (RBI) has granted perpetual validity to the Authorised Dealer Category-II (AD-II) foreign exchange licence held by its wholly owned subsidiary, RNFI Money Private Limited. The regulator has also expanded the licence’s scope to include trade remittances, Nostro accounts and the appointment of Forex Correspondents. 

The approval is expected to strengthen RNFI Money’s long-term cross-border payments strategy by enabling the company to offer regulated foreign exchange, remittance and trade payment services through RNFI’s nationwide network.  

Ranveer Khyaliya, Managing Director of RNFI Services, said the perpetual licence validity provides long-term certainty for the company’s cross-border business expansion while reflecting the regulator’s confidence in RNFI Money’s governance and compliance framework. 

The development follows the company’s recent in-principle authorisation from the RBI to operate as a Payment Aggregator-Physical (PA-P). 

The expanded licence will allow it to widen access to forex and trade payment services beyond traditional banking channels. The company currently operates a network of more than 280,000 active retail agents across India, supporting services such as Aadhaar-enabled payments, domestic money transfers and banking correspondent operations. 

RNFI plans to progressively appoint Forex Correspondents from this network, enabling assisted access to foreign exchange and trade payment services for individuals, exporters, importers and MSMEs, particularly in smaller towns and underserved regions.  

The company said all transactions will continue to be centrally processed and monitored in line with RBI and FEMA regulations.  

Harish Kaushik, Director of RNFI Money, added that the inclusion of trade remittances creates opportunities to serve smaller exporters and importers, a segment that has traditionally had limited access to cross-border payment solutions.  

He noted that the company also plans to leverage Nostro account capabilities, subject to regulatory processes, to deliver compliant and transparent trade payment services. 

The latest approval further strengthens RNFI’s regulated financial services ecosystem as it seeks to expand its presence in cross-border payments, foreign exchange services and trade finance infrastructure across India.