Reserve Bank of India allows banks to use RuPay Prepaid Forex Card.

  • In a bid to expand payment options for Indians traveling abroad, the Reserve Bank has decided to allow issuance of RuPay prepaid forex cards by banks in India for use at ATMs, POS machines and online merchants abroad.
  • It is proposed to expand the scope and reach of e-Rupee vouchers by allowing non-bank prepaid payment instrument issuers to issue e-Rupee vouchers. It will enable issuance of e-Vouchers on behalf of individuals and simplify the process.
  • RBI has decided to issue guidelines on Default Loss Guarantee Mechanism in Digital Lending to further promote responsible innovation and prudent risk management.
  • The regulatory framework for digital lending was released in August and September 2022.
  • The guidelines will further facilitate orderly growth of the digital lending ecosystem and enhance credit penetration in the economy.
  • It has been decided to extend the timeline for UCBs to achieve Priority Sector Lending (PSL) targets by March 2026 by two more years as many UCBs have already completed the required targets by March 2023, Those who have met the targets by 2023 will be given suitable incentives.

Qns : What can the RuPay prepaid forex cards be used for?
(A) Online transactions within India
(B) Cash withdrawals from ATMs in India
(C) Payments at Point of Sale (POS) machines abroad
(D) All of the above
Ans : (D) All of the above

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