Modi Govt’s big decision for RuPay cards – The Reserve Bank of India (RBI) left its key interest rate unchanged for a second straight policy meeting this week.
In a monetary policy committee (MPC) outcome announced by RBI Governor Shaktikanta Das on June 8 (Thursday), the benchmark repurchase, or repo rate was kept unchanged at 6.50 per cent.
The MPC has three members from RBI and an equal number of external experts.
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In an additional announcement that is likely to cheer Indian travelling abroad, MPC has decided to permit banks to issue Rupay prepaid foreign exchange (forex) cards for Indians travelling abroad.
The decision is part of the internationalisation of the Rupay card and marks an important milestone in India’s growing global footprint.
Announcing the decision of the MPC that met for three days from June 6 – 8, Das said, “RuPay Debit and Credit cards issued by banks in India have gained international acceptance through bilateral arrangements with international partners and co-badging arrangements with international card schemes. In order to expand payment options for Indians travelling abroad, it has been decided to allow issuance of RuPay Prepaid Forex cards by banks in India for use at ATMs, PoS machines and online merchants overseas. “
“Further, RuPay Debit, Credit, and Prepaid Cards will be enabled for issuance in foreign jurisdictions, which can be used internationally, including in India. These measures will expand the reach and acceptance of RuPay cards globally. Necessary instructions will be issued separately,” he added.
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The RBI Governor also said Rupay cards will also be enabled for issuance in foreign jurisdictions.
