Revolut India has received an in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including prepaid cards and wallets.

Banking & Finance

Revolut India has received an in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including prepaid cards and wallets. This licence builds upon Revolut India’s existing licences from the RBI, allowing it to operate as a Category-II Authorised Money Exchange Dealer (AD II) for issuing multi-currency forex cards as well as for cross-border remittance services. Revolut, the largest neobank in Europe, entered the Indian market in 2021 with expectations to challenge existing players in the domestic payments sector. PPIs are instruments or payment tools that utilise stored monetary value, such as digital wallets, smart cards, or vouchers, for transactions.


     

     

     

 

     


Revolut India

HQ- Mumbai
CEO- Paroma Chatterjee
          ____________________________