RBI eases outward remittance rules dropping prior approval for non bank partners

RBI no longer signs off on these remittance tie ups

The Reserve Bank of India has relaxed rules for non bank entities that facilitate outward remittances. RBI prior approval is no longer required for their tie ups. Going forward, authorized dealer banks will handle compliance and customer verification, while customers should get clearer disclosures on forex rates, total costs, and expected credit timelines.