After receiving the PPI license from RBI.
In brief:
- Revolut India has been granted an in-principle approval by the Reserve Bank of India (RBI) for issuing Prepaid Payment Instruments (PPI), including prepaid cards and prepaid wallets, in the country, a top official of the company told ETBFSI.
- This will enable the company to operate as a domestic player in the payments market. Notably, with the approval coming into force, Revolut India can offer Indian consumers both international and domestic payment solutions on a single platform.
- This authorisation builds upon the existing licences which Revolut India has obtained from RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to provide multi-currency forex cards and cross border remittance services.
What does this mean?
‘The app is live with its employees and is in the testing phase, in terms of compliance and customer experience, but once all bugs are cleared the app will be rolled out to the public soon,’ said CEO Paroma Chatterjee.
