Announcement

EbixCash World Money Limited announced that it has become the first Authorised Dealer Category‑II (AD‑II) entity in India to receive a perpetual RBI licence with an expanded scope of permitted activities. The licence authorises the company to process trade remittances up to Rs 25 lakh per transaction and family‑maintenance remittances, creating a direct international payments channel for the country’s MSME sector.

Business Impact

By securing this licence, EbixCash removes a historic bottleneck for MSME exporters and importers, who previously required a full banking relationship to move cross‑border trade funds. The company can now offer faster, less documentation‑heavy trade payments and family‑support transfers directly to its customers.

Operational Scale

  • Network footprint: Over 100 branches across 70+ cities, plus a presence at 20+ international airports.
  • Customer reach: More than 25,000 touchpoints nationwide.
  • Partner ecosystem: Relationships with 40+ partner banks for foreign‑currency supply.
  • Market share: Handles >75% of India’s cash‑to‑cash inward remittances and roughly 20% of outward Liberalised Remittance Scheme (LRS) flows routed through the AD‑II channel.
  • Bank‑grade capabilities: Holds RBI approval to maintain Nostro accounts, a function traditionally reserved for banks, enabling direct settlement of cross‑border transactions.
  • Card services: Principal member of Visa and Mastercard, issuing multicurrency prepaid travel cards in 12+ currencies.

Historical Milestones & Technology

Since its inception in 1999 (originating from the 1992 liberalisation era), EbixCash has pioneered several firsts:

  • First AD‑II fintech to enable real‑time cross‑border payments to the United Kingdom via the Faster Payments Service and to Europe via SEPA Instant.
  • First authorised dealer to obtain a Payment Service Provider licence in GIFT City.
  • First non‑bank to hold a Nostro account.
  • Early developer of a UPI‑based solution for foreign nationals during the G20 India Summit 2023.

The firm’s technology stack includes AI‑driven compliance, fraud detection, sanctions screening, and treasury automation, supporting its “phygital” model that blends digital self‑service with human‑assisted physical outlets.

Management Commentary

  • TC Guruprasad, Managing Director & CEO, said the perpetual licence validates three decades of trust‑building with the regulator and positions the company to become the fastest, most accessible route for cross‑border MSME payments, aligning with RBI’s Payment Vision 2028 and the G20 Roadmap for Enhancing Cross‑Border Payments.
  • Himanshu Pramanick, Chief Compliance Officer, emphasized that the licence reflects RBI’s confidence in the firm’s compliance architecture and that each trade remittance processed will set industry benchmarks.

Market Opportunity

India’s MSME and SME segments transact billions of dollars in cross‑border trade annually but remain under‑served by formal payment channels. The Rs 25 lakh trade‑remittance limit allows EbixCash to serve these businesses without the friction of a full banking relationship, while the family‑maintenance remit expands reach to millions of households with dependents abroad.

Outlook

With its extensive physical network, AI‑enhanced compliance framework, and newly granted perpetual licence, EbixCash is positioned to capture a sizable share of the underserved MSME trade‑remittance market and to drive greater adoption of digital cross‑border payments across India.