Reserve Bank today took an important decision regarding Rupay Card. RBI has given permission to all banks to issue Rupay prepaid forex card.
Along with this, RBI also announced to increase the scope of e-rupee vouchers. However, RBI will issue this rule in a few days. This step of RBI will increase the RuPay card rapidly in the global market.
Additionally, RuPay debit, credit and prepaid cards will be allowed to be issued overseas and used globally, including in India. After this announcement of RBI, the reach of RuPay card will increase worldwide. These announcements have been made by the RBI governor in the bi-monthly monetary policy review of June 8, 2023.
To whom it will be beneficial?
Let us tell you that Forex-Rupay card is a type of Prepaid card. This card is specially for those people who travel abroad. This card will be very beneficial for businessmen, students studying abroad and travelers traveling to different countries. If put in simple words, now you will be able to use RuPay card when you go abroad. You will be able to make payments easily in any country through your domestic card.
According to the latest annual report of RBI, the Payments Vision Document 2025 has already outlined to make UPI and RuPay cards globally accessible as one of the key objectives under the Internationalization pillar. For global reach of RuPay card arrangements have been made with Bhutan, Singapore, Nepal and UAE to accept RuPay card without co-branding. Preparations are being made to issue RuPay cards in other countries as well.