The licence has been granted to Kanji Forex Pvt Ltd, through which Niyo Forex operates. The company said the approval provides long-term regulatory continuity for its forex business and allows it to undertake an expanded set of permitted AD II activities.
Under the enhanced authorisation, Niyo Forex can offer services including trade remittances and family maintenance remittances. The company said it can also expand its branch network without requiring fresh RBI approvals.
The move comes amid rising demand for foreign exchange services driven by overseas travel, education, business transactions and cross-border payments.
Amit Talwar, CEO, Niyo Forex, said the perpetual licence is an important milestone for the company and reflects the regulator’s confidence in its compliance framework and operations.
India’s outbound travel market has seen steady growth, with more Indians travelling overseas for leisure, education and work. This has increased demand for digital and regulated forex solutions, including forex cards and international payment services.
Niyo Forex operates through Kanji Forex Private Limited, an RBI-authorised AD Category II entity. The company offers foreign exchange services including forex cards, foreign currency and other permitted forex products for Indian travellers.
