What changed
RBI introduced APConnect, a web-based application for FFMCs and non-bank AD Cat-II to manage licensing, renewals, and submissions online. Existing entities must register on the portal within three months from the circular date. New applicants can only apply through APConnect.
What it means for you
FFMCs and non-bank AD Cat-II must register on APConnect within three months for all regulatory interactions. This digitization streamlines compliance but requires timely registration to avoid disruptions. It centralizes reporting and approvals, reducing manual paperwork.
What you must do
- Inform all FFMCs and non-bank AD Cat-II clients about the mandatory APConnect registration within three months.
- Guide existing entities to register on https://apconnect.rbi.org.in/entity before the deadline.
- Ensure new applicants for FFMC, non-bank AD Cat-II, or MTSS Agent licences use only APConnect.
- Advise entities to surrender old licences to RBI Regional Office after receiving APConnect confirmation.
Who it affects
Full Fledged Money Changers (FFMCs), Non-bank Authorised Dealers Category-II, Banks dealing with FFMCs and non-bank AD Cat-II, Entities applying for MTSS Agent authorisation
What is the deadline for existing FFMCs and non-bank AD Cat-II to register on APConnect?
Existing entities must register within three months from April 6, 2023, i.e., by July 6, 2023.
Can new applicants still submit paper applications for FFMC or non-bank AD Cat-II licences?
No, all new applications must be submitted only through the APConnect portal.
What happens after registration on APConnect?
After registration, entities must use APConnect for all approvals, renewals, and return submissions. They must also surrender their old licence to the RBI Regional Office upon confirmation.