Muthoot secures dealer licence from RBI

Muthoot Exchange Company [MEC], the foreign exchange arm of Kerala based Rs 1000 crore Muthoot group has secured Authorised Dealer Category -11 license from Reserve Bank of India [RBI].

As per the new license the company can undertake several remittance transactions in foreign currencies like overseas educational and medical expenses.George Alexander Muthoot, managing director of the group said that the license had been issued after evaluating various parameters like capital base, profitability of operations, compliance with RBI regulations anddirectives and audit system.

Addressing the media here on Monday night he said that the company's branches in Kerala, Tamilnadu, Karnataka and Mumbai were handling currency exchange business like issue and encashment of foreign currencies and issue of travellers cheques and travel cards.

Foreign currency up to US $ 10,000 per year for private visits and US $ 25,000 for each business visits are being issued currently.