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Chennai, Tamilnadu
India
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The Money Transfer Service Scheme (MTSS) is a specialized framework introduced by the Reserve Bank of India (RBI) to facilitate the receipt of inward personal remittances from abroad. With a large Indian diaspora spread across the globe, remittances have become a lifeline for millions of families in India, providing essential financial support for education, healthcare, living expenses, and emergencies. At the same time, remittances contribute significantly to India’s foreign exchange reserves and overall economic growth.
TMTSS ensures that these remittances are routed through a legal, transparent, and secure channel, protecting both senders and recipients while eliminating risks associated with unregulated methods such as hawala. Unlike regular banking remittance channels, MTSS is particularly designed to serve individuals in semi-urban and rural areas or those who may not have formal bank accounts, ensuring that financial inclusion reaches the grassroots level.
Under this scheme, only inward remittances for personal use are permitted. That means funds sent by friends, relatives, or acquaintances abroad can be used for household expenses, medical treatment, education, travel, or emergencies. However, remittances under MTSS cannot be used for trade, business, investment, or charitable donations.
Authorized Framework: Only entities specifically approved by the Reserve Bank of India are permitted to function as Indian Agents under MTSS.This ensures that the scheme is operated only by credible institutions with strong regulatory oversight.
Partnership Model: International Money Transfer Operators (MTOs),such as foreign exchange houses or remittance companies abroad, collaborate with Indian Agents to facilitate smooth remittance inflows into India.
Cash Payout Facility: Beneficiaries in India can receive remittances directly in cash from authorized agent locations, up to a specified limit. This is especially useful in rural and remote areas where banking penetration is limited.
Direct Bank Transfer: For enhanced convenience, certain transactions can also be credited directly to the recipient’s bank account, giving flexibility to beneficiaries.
KYC & AML Compliance: Each transaction is subject to Know Your Customer (KYC) norms and Anti-Money Laundering (AML) regulations as per RBI guidelines, ensuring complete transparency and preventing misuse.
Transaction Limits: A beneficiary can receive a maximum of 30 remittances in a calendar year, with an upper cap of USD 2,500 (or equivalent in INR) per transaction.
Wide Network of Agents: With thousands of agent outlets across India, recipients can access funds easily, without having to depend solely on banks or travel long distances.
To become an authorized Indian Agent under MTSS, an entity must meet the following requirements:
With our support, you can establish yourself as a trusted Indian Agent under MTSS, offering reliable remittance services to millions of beneficiaries across India. We handle the regulatory complexities while you focus on expanding your financial services network.
