RuPay Prepaid Forex Cards

News:

• RBI has permitted banks to issue RuPay Prepaid Forex cards, as part of its announcements under the bi-monthly monetary policy review.
• RuPay Debit, Credit and Prepaid Cards are to be issued in foreign countries.

What:

• It is a method of cross-border transaction.
• Forex cards or travel cards are a convenient way of carrying foreign currency when travelling abroad.

Why:

• To broaden scope of RuPay cards.
• To expand payment options for Indian who travel abroad.