Banks Can Now Issue RuPay Forex Cards: What Does It Mean For Your Next Trip Abroad?

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), said at a Monetary Policy Committee (MPC) meet on Thursday that the government has allowed banks to issue prepaid RuPay forex cards for Indians travelling abroad.

What Happened? The central bank head said the decision was in response to the growing recognition and acceptance of RuPay debit and credit cards, which have been issued by Indian banks through bilateral agreements with global partners and co-badging arrangements with international card schemes.

What Does It Mean For You? Indian travellers now have more payment options while travelling abroad. Banks can now issue RuPay prepaid forex cards that can be used at ATMs, point-of-sale (PoS) machines, and online merchants worldwide.

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Additionally, RuPay debit, credit, and prepaid cards will now be made available for issuance in foreign jurisdictions, enabling their usage both internationally and within India.

Governor Das emphasized that these measures will significantly expand the accessibility and acceptance of RuPay cards across the globe, offering enhanced convenience and flexibility for Indian travellers.

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Posted In: GovernmentRegulationsTravelPersonal FinanceGeneralRBIRuPay

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