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Indel Money makes foray into forex biz

Indel Money makes foray into forex biz

Indel Money, a part of Indel Corporation engaged in NBFC space, has received an Authorized Dealer (AD) Category-II license from the Reserve Bank of India (RBI) to start foreign exchange (forex) business.

The company will do foreign exchange business such as conversion of foreign currency bank notes, travel money cards, and in undertaking outward remittances, which fall under the ambit of license.

The objective of issuing such licenses is to provide easier foreign exchange conversion facilities for travellers and tourists, including Non-Resident Indians (NRIs), by enlarging the network of money changing facilities in the country.

Umesh Mohanan, ED and CEO, IndelMoney, said: “I am delighted to announce that Indel Money has received the coveted Authorized Dealer Category-II license from RBI for conducting foreign exchange business. 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.”

The new business 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, he added.

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