Gold loan NBFC Indel Money has received an Authorised Dealer (AD) Category-II licence from the RBI to start foreign exchange business, such as conversion of foreign currency bank notes, travel money cards, and outward remittances that fall under the ambit of licence.

The objective of issuing the licence is to provide easier foreign exchange conversion facilities for travellers and tourists, including NR, by enlarging the network of money changing facilities in the country.

RBI issues authorisation under Section 10(1) of the Foreign Exchange Management Act (FEMA) to select entities as AD Category-II to carry out specified non-trade related current account transactions, all the activities permitted to the Full-Fledged Money Changers (FFMC) and any other activity as decided by the central bank.

Umesh Mohanan, ED and CEO, Indel Money, said: “It is a significant milestone in the company’s journey as we are the second Systemically Important non-deposit taking NBFC in the country to get such license. It also offers us a golden opportunity to explore the foreign exchange services segment, which has been consistently recording a remarkable growth especially in the post-Covid era.”

The AD Category-II foreign exchange license is superior to the ordinary money exchange license as it offers more features like facilitating outward (international) remittances towards non-trade current account transactions apart from transacting in multi-currency travel money cards and foreign currency banknotes.