Business and economics

RBI allows banks to issue prepaid forex RuPay cards

Published on 12 Jun 2023

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RBI allows banks to issue prepaid forex RuPay cards
  • Reserve Bank of India (RBI) has decided to allow Indian banks to issue RuPay prepaid forex cards. 
  • These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas.
  • The move, announced during the RBI Monetary Policy Committee (MPC) meeting aims to increase the scope of accessibility and acceptance of RuPay cards worldwide. 
  • This decision also aligns with the RBI's Payments Vision Document 2025, which emphasises expanding the global outreach of RuPay cards and the Unified Payments Interface (UPI).
  • RuPay, as the first domestic card payment network in India, has achieved wide acceptance across various channels such as ATMs, point-of-sale (POS) devices, and e-commerce websites throughout the country.
Source: SarkariPariksha