India Grants First Perpetual Trade Remittance License

A Mumbai-based payments company just made history by becoming the first non-bank entity in India to earn permanent approval for handling international business payments.

EbixCash World Money received a perpetual license from India's central bank following regulatory changes that now allow qualified payment companies to process trade payments up to Rs 25 lakh (about $30,000) per transaction. The company has been working in cross-border payments since 1999, building the trust that led to this milestone.

For India's 63 million small and medium businesses, this changes the game. Until now, most companies relied solely on banks for international transactions, which often meant longer processing times and limited access points.

"MSMEs have never had an accessible, non-bank channel for trade remittance," said TC Guruprasad, the company's CEO. With over 100 branches in more than 70 cities and counters at 20 international airports, the company is meeting businesses where they already are.

The regulatory shift reflects India's growing role in global trade and recognition that small businesses need more options. EbixCash already handles 75% of India's cash-to-cash incoming remittances and nearly 20% of outward personal remittances through non-bank channels.

The company didn't get this approval overnight. It operates 25,000 customer touchpoints nationwide and has partnerships with over 40 banks, building a track record transaction by transaction.

The Ripple Effect

This license creates a domino effect of positive change across India's business landscape. Small exporters in tier-two and tier-three cities who previously traveled to major banks in metropolitan areas now have local access to international payment services.

The approval also signals India's evolving financial ecosystem, where technology-driven companies can earn the same trust traditionally reserved for banks. EbixCash's compliance track record convinced regulators to grant not just temporary approval but permanent licensing with expanded powers.

For families sending money internationally, the expanded mandate means more convenient options for supporting relatives abroad. The company already processes payments to 150 countries and issues travel cards in 12 currencies.

The timing matters too. As India's economy grows and more small businesses enter global markets, accessible payment infrastructure becomes crucial for sustaining that growth.

"A perpetual license isn't handed out lightly," said Himanshu Pramanick, the company's Chief Compliance Officer. "RBI is trusting us with a wider mandate because our compliance architecture has been tested and proven."

The company plans to combine its physical presence with digital platforms, letting customers handle documentation in person while tracking transactions online. This "phygital" approach acknowledges that while technology speeds things up, international payments still require personal guidance through regulations.

After nearly three decades of steady growth, EbixCash World Money is proving that patience and consistent compliance can unlock new possibilities for an entire industry.