Mufin Green Finance Secures RBI Authorised Dealer Category-II Licence for Forex and Remittances — November 14, 2026
In a significant regulatory milestone, non-banking financial company (NBFC) Mufin Green Finance Limited has received an Authorised Dealer Category-II (AD-II) licence from the Foreign Exchange Department of the Reserve Bank of India (RBI). The development enables the company to conduct permissible foreign exchange operations and process outward remittances, unlocking a new fee-based revenue avenue.
The company disclosed the regulatory sanction to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. According to the regulatory filing, the licence has been granted without a sunset clause and remains valid until revoked or surrendered.
Scope of the AD-II Licence
Under the RBI's Authorised Dealer Category-II framework, eligible entities are permitted to conduct specified non-trade foreign currency transactions and outward remittances.
Key services permitted under the licence include:
- Foreign exchange conversion and currency issuance for overseas travel.
- Outward remittances under the Liberalised Remittance Scheme (LRS) for international higher education, medical expenses abroad, and private visits.
- Maintenance remittances for close relatives living overseas.
- Small-ticket trade-related forex transactions permissible under current account guidelines.
- Issuance of cross-border prepaid travel instruments and digital forex solutions.
Strategic Relevance for Mufin Green Finance
Mufin Green Finance, which initially established its core franchise around retail electric vehicle (EV) financing and solar ecosystem lending, has been steadily broadening its product basket. In addition to EV assets, the company operates digital financing verticals such as BimaPay (insurance premium financing) and corporate lending solutions.
The grant of the AD-II licence allows the New Delhi-headquartered non-bank lender to tap into India's rapidly expanding outward remittance market. Indian households have increasingly utilised the LRS route over recent years, driven by surges in overseas education fees, tourism, and family support transfers.
By entering this vertical, Mufin Green Finance aims to diversify its operational income and generate non-interest fee income alongside its primary loan book. The move also positions the firm to cross-sell retail foreign exchange products and international payment solutions to its existing customer base and digital distribution partners.
