RNFI Money, a wholly owned subsidiary of RNFI Services, has received Reserve Bank of India approval to undertake cross-border trade remittances. According to reports from The Economic Times, the licence will allow the company to expand regulated foreign exchange, remittance and trade-payment services through RNFI's existing last-mile network across India. The approval carries perpetual validity, providing long-term certainty for the company's cross-border business expansion. As reported by Rediff Money, this approval builds on RNFI Services Ltd's recent authorization as a Payment Aggregator – Physical (PA-P), adding another regulated capability to the company's growing financial infrastructure platform.
As reported by The Economic Times, the expanded licence will strengthen RNFI Money's ability to build its cross-border payments business over the long term and take such services beyond conventional bank branches and forex counters. MD Ranveer Khyalia of RNFI Services Ltd stated that perpetual validity reflects the RBI's confidence in RNFI Money's governance and compliance record, giving the company certainty to build its cross-border business for the long term. The approval comes as RNFI Services builds out a broader financial infrastructure platform, with cross-border payments in India having been concentrated in bank branches and metro forex counters until now. The transition to perpetual AD-II licence status removes future licence renewal risks, providing a stable regulatory foundation for the company's cross-border payments segment.
According to The Economic Times, RNFI Money will leverage its existing network of more than 2.8 lakh active retail agents to extend regulated forex, remittance and trade payment services across India. Harish Kaushik, Director of RNFI Money Private Limited, noted that the addition of trade remittances opens a significant new segment, as smaller exporters and importers have had few accessible options for cross-border payments. The company plans to appoint Forex Correspondents from this network in phases, with transactions remaining centrally processed and monitored in accordance with RBI and FEMA requirements. The expanded licence scope now includes opening Nostro accounts and appointing Forex Correspondents, allowing the company to establish stronger, cost-efficient international banking relationships. For Indian technology professionals, this development could significantly impact GCCs, multinational technology companies and outsourcing firms through enhanced cross-border payment capabilities.
As reported by The Economic Times, RNFI Money will maintain centralised compliance oversight for all transactions undertaken through its Forex Correspondents network. Neeraj Upreti, Group Chief Compliance Officer at RNFI, emphasized that perpetual licence brings greater responsibility to maintain the highest standards of compliance. Every Forex Correspondent will be selected, trained and monitored as per RBI guidelines, with every transaction passing through central KYC, screening and monitoring systems. The company will grow the network only as fast as its controls allow. The licence's scope extension into trade remittances and Nostro accounts significantly upgrades the company's cross-border financial infrastructure, enabling deployment of long-term capital and operational focus to scale international remittance services.
According to The Economic Times, RNFI's AD-II licence forms part of its broader strategy to build multiple regulated financial services around a common last-mile infrastructure. The company's capabilities span global money movement through its RBI-authorised AD Category-II licence, mutual fund distribution through its AMFI-registered ARN, insurance through its IRDAI-registered insurance broking business, stored value through its RBI-authorised PPI business, and physical payments through its RBI in-principle authorisation to operate as a Payment Aggregator – Physical. Consolidated under the Relipay brand, these capabilities enable RNFI to leverage its existing distribution, technology and field infrastructure to serve customers across urban, semi-urban and rural markets. On September 7, 2026, RNFI Services received an in-principle authorisation from the RBI to operate as a Payment Aggregator – Physical (PA-P), permitting the company to expand its financial infrastructure to offer physical, offline, and in-store payment aggregation through its existing merchant network.
