RBI issued a revised operating framework for facilitating outward remittance services by non-bank entities through Authorised Dealer (AD) Category-I banks, removing the earlier requirement for RBI approval of such arrangements. The circular directs ADs to ensure full compliance with FEMA provisions, KYC norms, customer protection standards, transparency in foreign exchange rates and charges, grievance redressal mechanisms, cybersecurity safeguards, and data privacy obligations. The framework mandates clear disclosure of exchange rates, transaction costs, settlement timelines, refund policies, and customer support details.
