In a landmark move, EbixCash World Money has become the first non-bank entity in India to receive a perpetual license from the Reserve Bank of India (RBI) for trade and family remittances. This unprecedented upgrade, following a revision to the Foreign Exchange Management Act, allows EbixCash to facilitate remittances of up to Rs. 25 lakh, a domain previously dominated by banks. This shift is not just regulatory; it fundamentally alters the landscape for micro, small, and medium enterprises (MSMEs) that have long struggled with cumbersome banking processes for international transactions.
The implications are profound. MSMEs, which constitute a significant portion of India's economy, can now access a streamlined, non-bank channel for cross-border payments. Historically, these businesses faced barriers such as lengthy documentation and the need for full banking relationships, which slowed down their ability to engage in international trade. EbixCash's new capabilities position it as a crucial player in alleviating these bottlenecks, potentially transforming how Indian exporters and importers conduct business globally.
EbixCash's infrastructure is robust, featuring a network of over 100 branches and a presence at more than 20 international airports. This extensive reach, combined with the new license, enables the company to serve MSMEs directly, offering faster and more accessible payment solutions. The firm already facilitates a significant portion of India’s inward remittances and is poised to capture a larger share of the outward remittance market as well.
