Mufin Green Finance has received an AD-II licence from RBI, allowing the NBFC to offer forex and remittance services, including medical treatment and education.
The Authorised Dealer Category-II (AD-II) licence allows the company to offer forex conversion, outward remittances under the Liberalised Remittance Scheme (LRS) for education, medical treatment, travel and other permissible purposes.
Besides, it can now offer family maintenance remittances, and smaller-ticket trade-related forex services, Mufin Green Finance said in a statement.
The licence opens a new, capital-light business vertical for Mufin Green Finance. Unlike balance-sheet-intensive lending, forex and remittance activities earn fee and commission income, which can scale with limited incremental capital, it said.
Mufin expects this to diversify its revenue streams, reduce its reliance on net interest income, and improve operating leverage and return ratios over time.
“The AD-II licence lets us cater to this growing demand within a regulated framework and extend our ecosystem beyond credit into fee-based services. With this new vertical working alongside our lending business, we see our revenue doubling over the coming year,” MD Kapil Garg said.
For the second quarter ended September, 2026, the NBFC’s net profit more than doubled to ₹15 crore as against ₹6 crore in the same quarter a year ago.
The total income for Q2 FY27 rose to ₹90 crore from ₹49 crore. Gross NPA improved to 1.77 per cent from 2.37 per cent a year ago, and the capital adequacy ratio stood at 27.73 per cent.
“With this new vertical working alongside our lending business, we see our revenue doubling over the coming year,” Mufin added.
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