Razorpay Multi-Currency EEFC Facility

Razorpay Multi-Currency EEFC Facility

Category: Economy / FinTech / International Payments

Notes

• Razorpay introduced a Multi-Currency EEFC settlement facility for exporters and international businesses.
• EEFC = Exchange Earners' Foreign Currency account.
• The facility allows businesses to retain export earnings in foreign currencies instead of immediately converting them into INR.
• Supported currencies:
  • USD
  • EUR
  • GBP
  • AED
  • SGD
• Facility launched in partnership with RBL Bank.
• Businesses must maintain an active EEFC account with an RBI-authorised bank.

Key Pointers

• EEFC accounts help exporters manage foreign exchange exposure and conversion costs.
• Important concept for questions on forex management and export finance.