Mufin Green Finance gets RBI AD-II licence to enter forex conversion, remittance business

Detailed summary

Mufin Green Finance has received an RBI AD-II licence to offer forex conversion, outward remittances under the LRS, family maintenance transfers and smaller-ticket trade-related…

Non-banking financial company Mufin Green Finance Ltd on Friday (November 13) has received an Authorised Dealer Category-II (AD-II) licence from the Reserve Bank of India (RBI), allowing it to enter forex conversion and cross-border remittance services.

The company will offer outward remittances under the Liberalised Remittance Scheme (LRS) for education, medical treatment, travel and other permitted purposes, along with family maintenance remittances and smaller-ticket trade-related forex services.

The services will be rolled out across India, adding a new business vertical to Mufin Green Finance's existing digital lending products, prepaid payment instruments and workforce and insurance platform partnerships.

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The company said the licence will enable it to generate fee and commission income from forex and remittance activities, which require limited incremental capital compared with balance-sheet-intensive lending. It expects the business to diversify revenue streams, reduce reliance on net interest income and improve operating leverage and return ratios over time.

Mufin plans to serve students, patients and families who already use its digital ecosystem, with the aim of deepening customer engagement and adding recurring service income.

Separately, Mufin Green Finance reported an 83% year-on-year increase in total income to ₹89.58 crore in Q2 FY27, compared with ₹48.89 crore in the corresponding quarter last year. Net profit rose 149% to ₹15.06 crore from ₹6.06 crore. For the first half of FY27, net profit stood at ₹29.07 crore, against ₹10.17 crore in the year-ago period.

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The company's loan book increased to ₹1,754 crore as of September 30, 2026, from ₹1,530 crore as of March 31, 2026.

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