EbixCash World Money Ltd 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, as reported by The Economic Times. This historic approval allows the company to handle trade remittances of up to ₹25 lakh per transaction following changes to the Foreign Exchange Management Act (FEMA) framework introduced in May 2026. The expanded powers enable EbixCash to directly serve micro, small and medium enterprises (MSMEs) engaged in exports and imports, reducing dependence on traditional banking channels for cross-border payments. According to EbixCash, this represents a structural shift in an industry where trade remittance has been the exclusive preserve of banks and AD-I institutions.
According to The Economic Times, the approval includes RBI approval to maintain Nostro accounts, allowing EbixCash to settle international transactions directly without routing them through correspondent banks. Managing Director and CEO TC Guruprasad described the licence as a milestone, stating it reflects nearly three decades of regulatory compliance and positions the company to expand 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. The company has also been authorized to handle family maintenance remittances, further expanding its operational scope beyond traditional trade transactions.
As reported by The Economic Times, EbixCash currently 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. The company serves customers through more than 25,000 touchpoints and supplies foreign currency to over 40 partner banks. Chief Compliance Officer Himanshu Pramanick noted that 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 Economic Times, EbixCash was 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 significantly. The company's technological capabilities and regulatory compliance history have positioned it as a pioneer in the fintech and exchange sector.
