Rupay prepaid cards will be distributed by banks: RBI
The Reserve Bank of India (RBI) has approved the issuance of Rupay prepaid foreign exchange (forex) cards by banks for Indian travelers going abroad, according to RBI Governor Shaktikanta Das.
This decision is a part of the efforts to internationalize the Rupay card. Governor Das announced the decision after the three-day meeting of the Monetary Policy Committee (MPC) held from June 6 to 8. He mentioned that Rupay debit and credit cards are gaining increasing acceptance overseas.
Banks can issue prepaid Forex cards to facilitate payment options for Indians traveling abroad. The RBI Governor also stated that Rupay cards will be made available for issuance in foreign jurisdictions.
