NEW DELHI: The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has announced a significant development regarding Rupay prepaid foreign exchange (forex) cards for Indian travelers going abroad.
Announcing the decision of the MPC that met for three days from June 6 – 8, RBI Governor Shaktikanta Das said the Rupay debit and credit cards are gaining increased acceptance abroad. The decision is part of the internationalisation of the Rupay card.
The governor said that the banks are now permitted to issue Rupay prepaid forex cards for Indians travelling abroad.
Das said the Rupay prepaid forex cards will expand the payment options for Indians going abroad.
The RBI Governor also said Rupay cards will also be enabled for issuance in foreign jurisdictions.
Meanwhile, RBI’s monetary policy committee unanimously decided to keep the repo rate unchanged at 6.5 per cent. The repo rate is the rate of interest at which RBI lends to other banks.
Announcing the decision of the MPC that met for three days from June 6 – 8, RBI Governor Shaktikanta Das said the Rupay debit and credit cards are gaining increased acceptance abroad. The decision is part of the internationalisation of the Rupay card.
The governor said that the banks are now permitted to issue Rupay prepaid forex cards for Indians travelling abroad.
Das said the Rupay prepaid forex cards will expand the payment options for Indians going abroad.
The RBI Governor also said Rupay cards will also be enabled for issuance in foreign jurisdictions.
Meanwhile, RBI’s monetary policy committee unanimously decided to keep the repo rate unchanged at 6.5 per cent. The repo rate is the rate of interest at which RBI lends to other banks.
