- First Indian AD-II entity to secure perpetual RBI licence with expanded mandate under revised FEMA framework
- ₹25-lakh trade remittance ceiling and family-maintenance remittances now open a new channel for MSMEs and households
- With 25,000+ touchpoints, 100+ branches and 20+ airport locations, EbixCash takes regulated cross-border payments closer to customers
- Nostro capability, real-time international rails, multicurrency cards and AI-led compliance create a full-stack non-bank payments platform
- A three-decade journey from forex specialist to integrated payments fintech now enters its most consequential chapter
NE ECONOMIC BUREAU
MUMBAI, JULY 25
What if an Indian MSME no longer needed to navigate a full banking relationship simply to make a permitted international trade payment? And what if families supporting dependents abroad could access a regulated cross-border remittance channel beyond traditional banking rails?
That is the larger significance of a landmark regulatory upgrade announced by EbixCash World Money Limited, which has become the first Authorised Dealer Category-II (AD-II) entity in India to receive a perpetual Reserve Bank of India licence with an expanded scope of permitted activities.
The licence follows the revision of the Foreign Exchange Management Act (FEMA) framework in May 2026, under which AD-II entities were permitted, for the first time, to undertake trade remittances of up to ₹25 lakh per transaction and family-maintenance remittances.
For India’s vast MSME economy, the change could mark a structural shift in how smaller exporters, importers and households access formal international payment services.
A perpetual licence — and a new regulatory frontier
EbixCash World Money said the licence is a first for an AD-II entity in India, combining permanence with an expanded activity scope.
“This is the moment nearly three decades of building trust with the regulator pays off. We are the first AD-II in India to be handed this licence, and we don’t take that lightly — it’s RBI’s endorsement of everything we’ve built in governance, compliance, and customer protection since 1999,” said TC Guruprasad, Managing Director & CEO, EbixCash World Money Limited.
He said the company’s ambition extends beyond the licence itself.
“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,” Guruprasad said.
“We don’t just want to participate in India’s digital payments story. We intend to help shape it,” he added.
The company said the new mandate aligns with the broader direction of cross-border payments, including the RBI’s Payments Vision 2028 and the G20 Roadmap for Enhancing Cross-Border Payments.
₹25 lakh trade-payment window could unlock MSME demand
For years, smaller Indian businesses engaging in cross-border trade have faced a structural challenge: access to international payment infrastructure has often been closely linked to traditional banking relationships and extensive processes.
The revised framework now enables EbixCash World Money to undertake permitted trade remittances up to ₹25 lakh per transaction and family-maintenance remittances within its expanded regulatory scope.
“MSMEs have never had an accessible, non-bank channel for trade remittance. With 100+ branches in 70+ cities and a presence at 20+ international airports, we’re not waiting for demand to find us — we’re taking this capability directly to where India’s exporters and importers already are,” Guruprasad said.
The company believes its physical and digital distribution network can help convert the regulatory opportunity into an immediately accessible service for smaller businesses and households.
First AD-II with a perpetual licence; 27 years of cross-border payments experience
EbixCash World Money said it has been involved in cross-border payments since 1999 and has built a nationwide network of more than 25,000 customer touchpoints.
The company facilitates more than 75% of India’s cash-to-cash inward remittances, while its business also includes outward remittances under the Liberalised Remittance Scheme, foreign exchange, travel cards and treasury services.
It supplies foreign currency to more than 40 partner banks and has more than 100 branches across 70-plus cities, besides a presence at over 20 international airports.
The new regulatory mandate therefore lands on an existing infrastructure base rather than a start-up operation seeking to build distribution from scratch.
“Every trade remittance will set a benchmark”
The expanded mandate also places greater responsibility on compliance and governance.
“A perpetual licence isn’t handed out lightly, and an expanded activity scope on top of it is rarer still. RBI is trusting us with a wider mandate because our compliance architecture has been tested and proven, transaction after transaction, and audit after audit,” said Himanshu Pramanick, Chief Compliance Officer, EbixCash World Money Limited.
“Being first carries weight — every trade remittance we process under this licence will set the benchmark for how the rest of the industry is expected to operate. We intend to meet that standard, not just today but for every transaction that follows,” he added.
For a segment where trade remittances have traditionally been dominated by banks and AD-I institutions, the upgrade represents a potentially significant expansion of the role of regulated non-bank entities.
From Nostro settlement to real-time international payments
The licence upgrade is backed by a broader technology and regulatory infrastructure stack.
EbixCash World Money holds RBI approval to maintain Nostro accounts, enabling direct settlement of cross-border transactions rather than relying exclusively on third-party correspondent-bank routing.
The company is also a Principal Member of Visa and Mastercard and offers multicurrency prepaid travel cards across more than 12 currencies.
It has enabled real-time cross-border payments to the UK through the Faster Payments Service and across Europe through SEPA Instant, while also investing in AI-led compliance, fraud detection and treasury automation.
The company describes its operating model as “phygital” — combining digital platforms with physical branches, airport counters and human-assisted services.
That means customers can order foreign currency or travel cards digitally, initiate remittances through an app and still access physical assistance for documentation, regulatory requirements or last-minute international travel needs.
A regulatory upgrade meets a large market opportunity
India’s MSME and SME sectors are deeply integrated with global trade, yet the international payments opportunity remains significantly underpenetrated among smaller businesses.
The expanded mandate could allow EbixCash World Money to address this market with a combination of ₹25-lakh trade-remittance capability, family-maintenance remittances, nationwide distribution and digital execution.
The company said its network of more than 25,000 touchpoints, 100-plus branches and 20-plus airport locations gives it a reach that can take the new capability directly to businesses and households across urban, semi-urban and rural India.
Its journey mirrors India’s own financial liberalisation story — evolving from a money-changing business into a regulated cross-border payments and foreign-exchange platform.
The perpetual AD-II licence could now become the most significant chapter in that evolution.
The big question is no longer whether non-bank entities can participate in India’s cross-border payments ecosystem. With the RBI’s expanded mandate, the question is how far the new regulatory window can widen access for the MSMEs and families that have traditionally stood at the edge of global finance.
