RBI to allow non-bank companies to issue e-RUPI vouchers, says Governor Shaktikanta Das

Reserve Bank of India Governor Shaktikanta Das announced that now non-bank companies can also issue e-RUPI vouchers. Besides, the RBI also decided to allow the issuance of RuPay Prepaid Forex cards by banks in India.

Livemint, Edited By Nishant Kumar
Updated8 Jun 2023, 11:14 AM IST
Reserve Bank of India Governor Shaktikanta Das
Reserve Bank of India Governor Shaktikanta Das

With the aim of broadening the scope of the issuance of e-RUPI vouchers, the Reserve Bank of India Governor Shaktikanta Das on Thursday (June 8) announced that now non-bank companies can also issue e-RUPI vouchers.

“At present, purpose-specific e-RUPI digital vouchers are issued by banks. It is now proposed to expand the scope and reach of e-RUPI vouchers by (i) permitting non-bank prepaid payment instruments (PPI) issuers to issue e-RUPI vouchers; (ii) enabling issuance of e-RUPI vouchers on behalf of individuals; and (iii) simplifying the process of issuance, redemption, etc.,” said Governor Das. 

"These measures will make the benefits of the eRUPI digital voucher accessible to a wider set of users and further deepen the penetration of digital payments in the country," said Das.

The e-RUPI, a digital voucher launched in August 2021, rides on the Unified Payments Interface (UPI) system of the National Payments Corporation of India (NPCI). Currently, purpose-specific vouchers are issued by banks on behalf of Central and State Governments and to a limited extent on behalf of corporations.

Besides, the RBI also decided to allow the issuance of RuPay Prepaid Forex cards by banks in India for use at ATMs, PoS machines and online merchants overseas.

RuPay Debit and Credit cards issued by banks in India have gained international acceptance through bilateral arrangements with international partners and co-badging arrangements with international card schemes.

"In order to expand payment options for Indians travelling abroad, it has been decided to allow the issuance of RuPay Prepaid Forex cards by banks in India for use at ATMs, PoS machines and online merchants overseas. Further, RuPay Debit, Credit, and Prepaid Cards will be enabled for issuance in foreign jurisdictions, which can be used internationally, including in India. These measures will expand the reach and acceptance of RuPay cards globally," RBI said.

The Monetary Policy Committee (MPC) of the RBI decided to keep the repo rate unchanged at 6.5 per cent while the MPC also decided by a majority of five out of six members to remain focused on the 'withdrawal of accommodation' stance.

The repo rate remains unchanged at 6.5 per cent, the standing deposit facility (SDF) rate remains at 6.25 per cent and the marginal standing facility (MSF) rate and bank rate are unchanged at 6.75 per cent.

Read more: RBI Monetary Policy Live: MPC keeps repo rate unchanged at 6.5%; FY24 GDP growth forecast retained at 6.5%

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First Published:8 Jun 2023, 11:14 AM IST
Business NewsNewsIndiaRBI to allow non-bank companies to issue e-RUPI vouchers, says Governor Shaktikanta Das

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