Draft:RNFI Service
RNFI Services Limited
[edit]RNFI Services Ltd is an Indian financial technology (Fintech) company that was founded in 2015 by Ranveer Khyaliya, the Managing Director and Chairman, and Nitesh Kumar, the Co-Founder and Chief Technology Officer (CTO). The company's primary goal is to promote financial inclusion in India by providing accessible financial services across the country, overcoming geographical and demographic barriers.
Initially established as a private company in 2015, RNFI Services Ltd transitioned into a public company in 2023. Operating primarily under the brand name Relipay, the company offers a wide array of financial services to cater to the needs of its customers. Notably, RNFI Services Ltd conducted a successful Initial Public Offering (IPO) on the NSE SME platform on July 29, 2024, with its shares debuting at a premium of 90%.[1][2]
Products and Services
[edit]RNFI Services Ltd, operating under the Relipay brand, offers a diverse range of financial services, which include:
- Domestic Money Transfer
- Aadhaar Banking
- Bill Payments (BBPS)
- Recharge Services
- Account Opening Services
- mATM Services
- Railway & Air Ticket Booking
Relipay leverages a vast network of agents and retailers to facilitate financial inclusion throughout India, serving as an essential component in expanding access to financial services. By 2024, the company has established a network of over 360,000 partners nationwide.
Strategic Partnerships
[edit]RNFI Services Ltd has established various strategic partnerships to enhance its service offerings and extend its reach:
- 2017: Partnered with ICICI Bank as a Business Correspondent.
- 2018: Expanded its financial inclusion efforts by partnering with Bank of India and Airtel Payments Bank.
- 2019: Entered the travel industry as a Principal Agent for IRCTC and formed a crucial partnership with Fino Payments Bank to further extend financial services.
- 2023: Partnered with the Maharashtra State Rural Livelihood Mission (MSRLM) to support women's empowerment initiatives.
Throughout its operations, RNFI has also collaborated with Union Bank of India, Indian Overseas Bank, Kotak Mahindra Bank, and NSDL Payments Bank as well.
Business Diversification
[edit]RNFI Services Ltd has diversified its business operations through the establishment of several subsidiaries:
- 2020: Launched Paysprint Pvt Ltd, a neobanking platform providing API-based solutions, and RNFI Money Pvt Ltd, an RBI-licensed forex company.
- 2021: Introduced Relicollect, specializing in EMI collection services for Non-Banking Financial Companies (NBFCs) and Microfinance Institutions (MFIs), and Reliconnect, focusing on delinquent loan collections for banks and NBFCs.
- 2022: Entered the insurance industry with the launch of Reliassure after securing a Direct Broking license from the Insurance Regulatory and Development Authority of India (IRDAI).