The Reserve Bank of India Governor Shaktikanta Das in the Monetary Policy Committee meeting briefing said RuPay debit and credit cards issued by the banks in India are gaining increased acceptance abroad hence it is now been decided to permit issuance of RuPay prepaid forex cards by the banks.
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"This will expand the payment options for Indian travelling abroad. Further the RuPay cards will also be enabled for issuance in foreign jurisdiction these measures will allow and acceptance of rupee cards globally," he said.
Last month, RuPay which is India’s own homegrown card network introduced the Card Verification Value (CVV) free payment experience for its debit, credit and prepaid cardholders who have tokenised their cards on the merchant application or webpage. RuPay went live on Card on File Tokenization in 2021 in line with RBI’s guidelines, for its domestic ecommerce transactions to ensure better security for all its cardholders.
Additionally RBI also proposed to enable issuance of e-rupee vouchers on behalf of individuals and to simplify the process of issuance, redemption and a few aspects of the current framework. This measure, RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy, will make the benefits of e-rupee digital voucher accessible to a wider set of users and further deepen the penetration of digital payments in the country.
Meanwhile, the central bank opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 percent as inflation moderates. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022. While keeping the interest rate intact, Das said headline inflation still remains above RBI's target of 4 per cent and expected to remain so during the rest of the year.
First Published: Jun 8, 2023 10:56 AM IST
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