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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

APConnect - Online application for Full Fledged Money Changers and non-bank Authorised Dealers Category-II

06-Apr-2023 | RBI/2023-2024/13 A.P. (DIR Series) Circular No.01

RBI has issued a circular regarding the APConnect, an online application process for Full Fledged Money Changers and non-bank Authorised Dealers Category II. It is an online platform for the processing of applications for licensing of Full Fledged Money Changer (FFMC), non-bank AD Cat-II, authorization as a Money Transfer Service Scheme (MTSS) Agent, and renewal of existing license/authorization. By virtue of this, the APConnect application broadly consists of the facilities/functionality as given in the Annexure which includes: 1. Registration and licensing of new companies as well as existing Authorised Persons (FFMC / non-bank AD Cat-II / NBFC eligible for AD Cat-II) 2. Registration of new Branches 3. Registration of Temporary Money Changing Facilities 4. Registration of franchisees 5. Authorisation as Indian Agents under MTSS, etc. Further, the eligible entities, desirous of applying for fresh FFMC/ non-bank AD Category II / MTSS Agent license/authorization shall submit their application only through APConnect.

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