RNFI Services

RNFI Services approved the acquisition of the State Bank of India and Bank of Baroda business correspondent undertakings of Arth Rural Connect Services and AgroServe Global Technologies for up to ₹12 crore. The deal covered about 1,100 customer service points that generated turnover of about ₹12.5 crore and gross margin of about ₹3.6 crore in 2025-26, with consideration split equally between cash and equity shares and payable only for components meeting closing conditions. The company operated a business correspondent model through more than two lakh active Sahayak agents and derived about ₹219 crore of operating revenue from the correspondent segment in 2024-25. Total income was about ₹923 crore in that year, with consolidated net profit of about ₹20.1 crore. Its wholly owned forex subsidiary RNFI Money received perpetual authorised-dealer licence validity with expanded trade-remittance scope in September 2026.

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RNFI Services' wholly owned subsidiary RNFI Money received Reserve Bank of India approval to renew and amend its Authorised Dealer Category-II licence to perpetual validity from validity up to 2027. The amended licence expanded permitted activities to include trade remittances, the opening of Nostro accounts subject to completion of the RBI process, and the appointment of Forex Correspondents. RNFI Money handled about ₹490 crore of foreign-exchange sale and purchase in the year to March 2025, representing about 53% of group total income of about ₹923 crore. The foreign-exchange business reported a small loss that year while group consolidated net profit doubled to ₹20.1 crore on growth in insurance broking and collection activities. The group operated through about 2.15 lakh active Sahayak agents across India, from which it intended to appoint correspondents in a phased manner.

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RNFI Services entered into a three-year, non-financial memorandum of understanding with Assam State Rural Livelihoods Mission Society on 7 September 2026. The agreement aimed to onboard eligible self-help group members as Business Correspondent Sakhis and expand doorstep banking and related financial services in rural and underserved areas. It covered banking, credit, insurance, pension, remittance and digital transaction services, with no monetary consideration, financial commitment or regulatory approval. RNFI's consolidated revenue was about ₹917 crore in FY25, with business correspondent services accounting for roughly 24% of its business mix.

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