RBI Permits Banks To Issue RuPay Prepaid Forex Cards

The Reserve Bank of India (RBI) has decided to broaden payment choices for Indian travelers abroad by permitting Indian banks to issue RuPay Prepaid Forex cards. These cards can be used at overseas ATMs, point of sale (PoS) machines, and online merchants. Additionally, the RBI will enable the issuance of RuPay Debit, Credit, and Prepaid Cards in foreign jurisdictions, allowing their use internationally, including in India. The Governor of the RBI, Shaktikanta Das, stated that these measures will enhance the global reach and acceptance of RuPay cards. These initiatives are in response to the increasing acceptance of RuPay Debit and Credit cards, both through international partnerships and co-badging arrangements with global card schemes.

In addition to the above, the RBI has taken steps to streamline and expand the Bharat Bill Payment System (BBPS), an accessible platform for bill payments. They plan to enhance the efficiency of the system and encourage greater participation by simplifying the process flow of transactions and membership criteria for operating units in BBPS.

Furthermore, the scope and reach of e-RUPI digital vouchers, a person-specific and purpose-specific cashless voucher, will be expanded. Non-bank prepaid payment instruments (PPI) issuers will be allowed to issue e-RUPI vouchers, and the process of issuance, redemption, and usage will be simplified. These measures aim to make the benefits of e-RUPI accessible to a wider range of users and promote digital payments in India.

Overall, these developments by the RBI aim to provide more payment options for Indians traveling abroad, enhance digital payment systems within the country, and increase the acceptance and accessibility of RuPay cards and e-RUPI vouchers.