Banks to Issue Rupay Prepaid Forex Cards: RBI

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) has decided to permit banks to issue Rupay prepaid foreign exchange (forex) cards for Indians travelling abroad, said RBI Governor Shaktikanta Das.

The decision is part of the internationalisation of the Rupay card.

Announcing the decision of the MPC that met for three days from June 6 - 8, Das said the Rupay debit and credit cards are gaining increased acceptance abroad.

He said 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.