A new framework for outward remittances eases the process for NBFCs handling dealer tie-ups. Instead of seeking prior RBI approval, the regulatory emphasis shifts to what happens after onboarding—stronger compliance, transparency, and consumer protection obligations enforced at the regulated banks facilitating these transactions.
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.
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