Capital India Finance gets forex business licence from RBI

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According to the statement, foreign exchange market is the largest financial market with a daily turnover of over USD 60 billion of which outward remittance is approximately USD 15 billion before COVID-19 impact.Capital India Finance Ltd (CIFL) on Thursday said it has received Authorised Dealer Category II licence from RBI for conducting forex business. CIFL is the first listed NBFC in India to receive this licence and is now authorised to build and do forex business under the brand name ‘RapiMoney’, the company said in a statement.Last year, RBI permitted systemically important non-deposit taking NBFCs to obtain Authorised Dealer Category-II licence from it. “This adds another feather in the cap of Capital India which is already doing domestic remittances through its fintech subsidiary RapiPay which provides basic banking services of money transfer and cash withdrawal through Micro ATM and Aadhaar enabled payment systems,” it said.Related NewsIn forex business, CIFL under the brand name ‘RapiMoney’ will provide outward remittances, forex travel cards, and forex solutions for students travelling to other countries for higher studies, it said.According to the statement, foreign exchange market is the largest financial market with a daily turnover of over USD 60 billion of which outward remittance …

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