RNFI Services Private Limited

What RNFI Services Private Limited does

RNFI Services Limited (NSE: RNFI) is an Indian fintech company operating the Relipay platform, which delivers digital payments and banking services through a network of more than 360,000 retailers and merchant partners across 28 states, 5 union territories, and 17,900+ pincodes. Founded in 2015 in New Delhi and listed on NSE after converting from private to public status in 2023, RNFI functions primarily as a Corporate Business Correspondent and Business Facilitator for multiple banks, including ICICI Bank, Airtel Payments Bank, Bank of India, Paytm Payments Bank, Fino Payments Bank, NSDL Payments Bank, Union Bank of India, Indian Overseas Bank, Canara Bank, and Kotak Mahindra Bank. Its core products span Domestic Money Transfer, AePS-based Aadhaar Banking (cash withdrawal, balance enquiry, mini statement, Aadhaar Pay, cash deposit), Micro ATM services, BBPS utility payments, mobile/DTH recharge, train and air ticketing, PAN card services through Protean E Gov, and ITR filing.

The platform is built around integrating regulated payment and identity infrastructure (RBI AePS, NPCI UPI, Bharat BillPay, IRCTC, Aadhaar) and exposing them through a single merchant-facing app and partner portal. More recent additions include cardless cash withdrawal via UPI QR with Jio Payments Bank, a cross-border Indo-Nepal remittance corridor, and a Forex vertical launched after the company received an RBI AD-II license (products: SprintXPro and ContractX). The company also runs subsidiaries for insurance brokering (Reliassure), money transfer (RNFI Money), collections (Relicollect LLP), and fintech services (Paysprint, RNFI Fintech, Ciphersquare Digital).

RNFI earns revenue primarily through transaction-based commissions across its seven verticals: business correspondent services for banks, digital payments (BBPS, recharges), travel commissions (as principal IRCTC agent), PAN card services, insurance distribution under the POSP model, Forex and remittance, and loan collection services (as vendor to BGSS, a Bank of Baroda subsidiary). Customers are banks and financial institutions on the B2B side and unbanked/underbanked consumers plus retail merchants on the long-tail side, with no single disclosed customer dominating the mix. The company employs 1,001–5,000 staff and reported Q4 FY2026 revenue of INR 2.41 billion with a 62% YoY profit increase and FY2027 profitability guidance of 40–45%.

Name

RNFI Services Private Limited

Legal name

RNFI Services Limited

Website

https://rnfiservices.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

RNFI Services Limited operates the Relipay platform, delivering digital payments, Aadhaar banking, money transfer, micro ATM, utility payments, travel, PAN, and Forex services in India through 360,000+ retail merchants and partnerships with 10+ banks as Corporate Business Correspondent.

Ownership category

akta.pro rank

Product category

Digital Payment Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Correspondent Banking (Nostro/Vostro & Agent Services) (FSABAJAA)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF), Payments Operations (ACH/Wire/RTGS, SWIFT, SEPA, Checks) (FSABALAB), ATM / Cash Access Network Schemes (FSAMAAAH)

Keywords

• Digital payment services
• Business correspondent services
• Aadhaar banking services
• Domestic money transfer
• Micro ATM services

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Business Correspondent Services: Revenue generated as a business correspondent for multiple banks (ICICI Bank, Airtel Payments Bank, Bank of India, Paytm Payments Bank, Fino Payments Bank, NSDL Payments Bank, Union Bank of India, Indian Overseas Bank, Canara Bank), earning commissions on transactions processed through the retailer network.
2. Digital Payment Services: Fees from facilitating utility payments (BBPS), mobile/DTH recharges, and other digital transactions through the merchant network.
3. Travel Services: Commission revenue from train ticket bookings (as principal IRCTC agent) and flight ticket bookings through the retailer network.
4. PAN Card Services: Revenue from PAN card application and rectification services in association with Protean E Gov services.
5. Insurance Distribution: Revenue through Reliassure Insurance Brokers Private Limited for life and general insurance distribution via POSP model.
6. Forex Services: Forex and remittance services following AD-II license, including currency, cards, and remittance products (SprintXPro, ContractX).
7. Loan Collection Services: Revenue from delinquent loan collections as vendor for BGSS (Bank of Baroda subsidiary) and other enterprise clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

RNFI Services operates the Relipay fintech platform, delivering digital payment and banking services (domestic money transfer, Aadhaar banking, Micro ATM, BBPS utility payments, travel bookings, PAN card services, ITR filing, cardless cash withdrawal via UPI QR, and Forex) through a network of 360,000+ retailer partners across 28 states and 5 union territories in India. The company acts as a business correspondent for multiple banks (ICICI, Airtel Payments Bank, Bank of India, Paytm Payments Bank, Fino, NSDL, Union Bank, Indian Overseas Bank, Canara Bank, Kotak Mahindra) and earns commissions on transactions processed through its merchant network.

Product overview

RNFI Services Private Limited operates as a fintech company through its Relipay platform, offering a comprehensive suite of digital financial services via an extensive retailer network spanning 360,000+ network partners across 28 states and 5 UTs in India. The product portfolio centers on four core verticals: (1) Money Transfer services including Domestic Money Transfer (DMT) and Indo-Nepal remittance; (2) Aadhaar Banking Services encompassing AePS Cash Withdrawal, AePS Balance Enquiry, AePS Mini Statement, Aadhaar Pay, and Cash Deposit through biometric authentication; (3) Micro ATM Services providing MATM Cash Withdrawal and MATM Balance Enquiry as low-cost ATM alternatives; and (4) Utility Payments including BBPS for bill payments and Mobile/DTH Recharge. Additional offerings include Travel Services (Railway Ticket Booking as principal IRCTC agent and Air Ticket Booking), PAN Card Services through Protean E Gov, ITR Filing, and UPI-based Cardless Cash Withdrawal via Jio Payments Bank. Following the AD-II license acquisition, the company launched SprintXPro and ContractX products. The platform operates as a business correspondent for multiple banks including ICICI Bank, Airtel Payments Bank, Bank of India, Paytm Payments Bank, Fino Payments Bank, NSDL Payments Bank, Union Bank of India, Indian Overseas Bank, Canara Bank, and Kotak Mahindra Bank, enabling last-mile financial inclusion.

Differentiator

Problem solved

Functional benefit

Products and services

• Domestic Money Transfer (DMT) Domestic money transfer service enabling customers to send money across bank accounts throughout India through the Relipay retailer network, promoting financial inclusion especially in rural areas.
• Indo-Nepal Money Transfer Cross-border remittance service catering to the needs of Nepalese migrants in India, enabling money transfers to Nepal.
• Aadhaar Banking Services Suite of Aadhaar-based banking services including Cash Withdrawal, Balance Enquiry, Mini Statement, Aadhaar Pay, and Cash Deposit enabling basic banking access through biometric authentication in rural areas.
• Micro ATM Services Low-cost ATM alternative enabling merchants to set up micro-ATMs for conducting bank transactions including cash withdrawals, balance inquiries, and mini statements for customers.
• Utility Payments Utility bill payment services enabling merchants to process gas, water, electricity bills and mobile/DTH recharges for customers, earning commission on each transaction.
• Travel Services Travel booking services including train and flight ticket bookings at competitive rates through the Relipay retailer network.
• PAN Card Services PAN card application and rectification services in association with Protean E Gov Services, enabling merchants to assist customers with new PAN applications and corrections.
• ITR Filing Income tax return filing service simplifying tax payments for individuals through the Relipay merchant network.
• Cardless Cash Withdrawal via UPI QR UPI QR-based cash withdrawal service launched in partnership with Jio Payments Bank enabling cardless, instant cash withdrawals at authorized outlets with Rs. 5,000 per transaction and Rs. 50,000 monthly limits.
• SprintXPro New Forex product launched following receipt of AD-II license, part of the company's diversification across payments, insurance, loan collection, and Forex sectors.
• ContractX New Forex product launched following receipt of AD-II license, part of the company's diversification strategy.
• Insurance Distribution Life and general insurance distribution through POSP (Point of Sales Person) model via subsidiary Reliassure Insurance Brokers Private Limited.

Quantifiable outcome

• 62% YoY profit growth in Q4 FY2026
• +5 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

21 partnerships are on record, tiered flagship and core.

• Jio Payments BankflagshipStrategic or Co-development Partner · 1 March 2026Launched nationwide cardless cash withdrawal service using UPI QR codes in March 2026. Allows customers to withdraw cash instantly at authorized outlets by scanning QR code, with transaction limits of Rs. 5,000 per transaction and Rs. 50,000 per month.
• Indian Overseas BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2023Business correspondent partnership since 2023, expanding RNFI's banking partner network.
• Canara BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2023Corporate business correspondent partnership since 2023 for providing banking services.
• Kotak Mahindra BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2023Business facilitator for Kotak Mahindra Bank since 2023, enabling banking services through RNFI's network.
• Maharashtra State Rural Livelihood Mission (MSRLM)coreStrategic or Co-development Partner · 1 January 2023Partnership with MSRLM for woman empowerment since 2023, focusing on financial inclusion for rural women.
• Union Bank of IndiacoreChannel Partner/ Reseller/ Distributor · 1 January 2022Business correspondent partnership established in 2022 for providing banking services through RNFI's retail network.
• IRCTCcoreChannel Partner/ Reseller/ Distributor · 1 January 2022Principal agent of IRCTC since 2019, enabling train ticket bookings through the entire retailer network across India.
• Bank of Baroda (BGSS)coreStrategic or Co-development Partner · 1 January 2022Vendor of BGSS (wholly owned subsidiary of Bank of Baroda) for delinquent loan collections since 2022, marking RNFI's entry into loan collection services.
• Ministry of Electronics & Information Technology (MeitY)flagshipStrategic or Co-development Partner · 1 January 2022Association with MeitY for UMANG Project since 2022, enabling government services delivery through the RNFI platform.
• Centre for Digital Financial Inclusion (CDFI)coreStrategic or Co-development Partner · 1 January 2022Partnership with CDFI since 2022 for digital financial inclusion initiatives and programs.
• NSDL Payments BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2021Business correspondent partnership since 2021, extending NSDL Payments Bank's reach through RNFI's network.
• Fino Payments BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2019Business correspondent partnership since 2019, enabling Fino to leverage RNFI's extensive merchant network for last-mile banking services.
• Bank of IndiacoreChannel Partner/ Reseller/ Distributor · 1 January 2018Business correspondent partnership since 2018 for financial inclusion division, enabling Bank of India to serve rural customers.
• Paytm Payments BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2018Business correspondent partnership since 2018, expanding digital payment access for Paytm Payments Bank customers.
• ICICI BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2017Business correspondent partnership since 2017, enabling ICICI Bank to reach rural and unbanked customers through RNFI's merchant network for various banking transactions.
• Airtel Payments BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2017Business correspondent partnership since 2017, providing digital payment services to Airtel Payments Bank customers through RNFI's retail network.
• Protean (NSDL)coreTechnology or IntegrationAssociation with Protean E Gov services for PAN card application and rectification services through the Relipay platform.
• Bharat BillPaycoreTechnology or IntegrationIntegration with Bharat BillPay for utility bill payment services (gas, water, electricity) through the merchant network.
• Hero FincorpcoreStrategic or Co-development PartnerService agreement with Hero Fincorp for loan services.
• DMI FinancecoreStrategic or Co-development PartnerService agreement with DMI Finance Private Limited for financial services.
• Muthoot MicrofincoreStrategic or Co-development PartnerRental contract with Muthoot Microfin Limited for services.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• PhonePe: PhonePe is a dominant UPI and digital payments platform extending into assisted merchant, bill-payment and lending services. It is a broader-scale incumbent whose merchant-onboarding footprint overlaps with RNFI's territory in semi-urban India.
• Paytm (One97 Communications): Paytm is also a BC partner of RNFI but competes broadly through its own payments app, Soundbox, BBPS, money transfer and merchant lending stack. It is a much larger, broadly-scoped incumbent operating across the same assisted-commerce themes.

Direct peers

• Spice Money: Spice Money runs a large retailer-led fintech platform offering AePS, Micro ATM, BBPS, money transfer and travel services — essentially the same Relipay service mix. Both target the same rural unbanked customer base and similar bank-BC partnerships.
• Airtel Payments Bank: Airtel Payments Bank is both a customer (BC partnership) and competitor of RNFI, offering AePS, micro-ATM and assisted digital banking to a similarly mass-market rural base via its own distribution and BC partners.
• Fino Payments Bank: Fino operates a payments bank with an analogous BC and micro-ATM-led assisted-commerce model targeting unbanked and rural India. Both compete for the same retail-agent economics, AePS volumes and partner-bank mandates, making Fino RNFI's closest publicly listed comparable.
• Eko India Financial Services: Eko operates a B2B payments and banking platform with a deep retailer/agent network for AePS, DMT, bill payments and recharges. Its service portfolio and small-merchant go-to-market closely mirror RNFI's Relipay proposition.
• Paynear Solutions: Paynear Solutions operates a retailer-led micro-ATM and AePS network across India. It is a focused BC-tier competitor with a similar revenue model and customer profile to RNFI's Relipay.
• India1 Payments (formerly known as India1): India1 Payments (formerly India1/Innovation Labs) is a BC-led assisted-commerce network providing AePS, micro-ATM, bill payments and money transfer through retailers. It competes head-to-head with RNFI for retailer sign-ups and BC mandates from partner banks.

Emerging players

• BharatPe: BharatPe focuses on merchant payments and merchant lending at point-of-sale. While narrower than RNFI today, it increasingly overlaps on assisted merchant fintech services and competes for the same small-retailer mindshare.
• MobiKwik: MobiKwik is a digital wallet and payments platform expanding into BBPS, lending and merchant services. Its wallet/BBPS overlap with RNFI makes it a partial but emerging peer in assisted digital payments.

Market position

Strengths5 records

Weaknesses6 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/RnfiServices

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RNFI Services Private Limited