RBI allows banks to issue ‘Rupay Prepaid Forex Card’
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Mumbai The Reserve Bank of India on Thursday decided to allow banks to issue RuPay prepaid forex cards. The move will increase payment options for Indians traveling abroad.
This card can be used at ATMs, POS machines and online merchants abroad. Apart from this, banks will be able to issue RuPay debit cards, credit cards and prepaid cards abroad, which can be used internationally including in India. RBI Governor Shaktikanta Das said this while releasing the second bi-monthly monetary policy of the current financial year.
These measures will enhance the reach and acceptance of RuPay cards globally, he said. The decision comes in the wake of international acceptance of RuPay debit and credit cards issued by banks in India. Bilateral arrangements have been made with international partners for this. He also said that Bharat Bill Payment System (BBPS) is an anytime, anywhere bill payment platform, which is operational since August, 2017.
He said,;;At present there are more than 20,500 billers connected to BBPS, who handle more than 9.8 crore transactions every month. The scope of BBPS was extended in December, 2022, to cover all categories of payments and collections. He said that the process of membership and transaction criteria in BBPS would be streamlined to enhance the efficiency of the system and encourage greater participation. Will be done.
With regard to e-Rupee digital vouchers, Das said there is a proposal to increase its scope and reach. Under this, non-bank Prepaid Payment Instrument (PPI) issuers will be allowed to issue e-Rupee vouchers. Apart from this, measures will also be taken to issue e-vouchers on behalf of individuals.
He said that these measures would extend the benefits of e-form digital vouchers to a wider set of users.
Pc:Hindustan Times
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