Mufin Green Finance gets RBI licence for forex and remittances
In short
Mufin Green Finance got an RBI AD-II licence to offer forex conversion and outward remittances. The permission covers payments for education, medical treatment, travel and other allowed uses.
The company says the new service can bring in fee income and reduce dependence on lending income. It comes as Mufin reports stronger profit and income.
What the reporting says
Mufin Green Finance received an RBI Authorised Dealer Category-II licence to offer forex conversion and outward remittances. The licence covers remittances under the Liberalised Remittance Scheme for education, medical treatment, travel and other permitted uses. The company said the fee-based services could diversify revenue and reduce reliance on net interest income, alongside recent profit and income growth.
Why it matters
Mufin Green Finance received an RBI Authorised Dealer Category-II licence, allowing it to provide forex conversion and outward remittances under the Liberalised Remittance Scheme. The services include payments for education, medical treatment, travel and other permitted purposes. The company expects fee-based income from the new business line, which may reduce dependence on net interest income.