Neobank Revolut India Receives In-Principle Approval for PPI License from RBI

In a significant development, Revolut India, backed by Tiger Global and Softbank, has secured in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI). This approval marks a crucial step for Revolut in expanding its presence in the Indian market, enabling the provision of multi-currency forex cards and cross-border remittance services. With this license, Revolut aims to offer Indian consumers a comprehensive range of international and domestic payment solutions on a single digital platform.

Advancing in the Indian Market

Revolut India, a digital-first financial institution, entered the Indian market in 2021, aiming to disrupt the domestic payments sector. The approval from RBI further strengthens Revolut’s position as a prominent player in the Indian financial landscape, challenging established competitors.

Expanding Financial Alternatives

The PPI license allows Revolut India to operate as a Category-II Authorized Money Exchange Dealer, facilitating the issuance of multi-currency forex cards and cross-border remittance services. This expands the financial alternatives available to Indian consumers, offering them convenient and efficient money management solutions.

Focus on Compliance and Localization

CEO Paroma Chatterjee emphasized Revolut’s commitment to regulatory compliance, particularly in the Indian market. The company has undertaken the task of localizing its global tech stack to ensure compliance with local regulations, highlighting India’s importance in Revolut’s expansion strategy.

Future Plans and Customer Interest

In an interview with Economic Times, BFSI, Chatterjee outlined Revolut’s plans to offer a full array of digital-first money management services to Indian consumers. The company is currently conducting internal testing of its app, with plans for a public launch soon. With over 175,000 prospective clients in the queue, there is a high level of interest in Revolut’s offerings among Indian consumers, indicating significant potential for growth in the market.

piyush

Recent Posts

Govt will Receive 30% More Dividend From Public Sector Banks in FY24

Public sector banks (PSBs) are poised to deliver approximately 30% higher dividends to the government…

15 hours ago

Bank of Maharashtra Tops Among PSU Banks in Business Growth in FY24

Bank of Maharashtra has emerged as a top performer among public sector banks, showcasing impressive…

16 hours ago

Nandini Dairy to Sponsor for Scotland for T20 World Cup

In a proud moment for Kannadigas and dairy farmers in Karnataka, the Scotland cricket team…

17 hours ago

World’s First 6G Device Launched in Japan

In a world where speed and connectivity reign supreme, the race towards the next generation…

17 hours ago

Venezuela Becomes First Country to Lose All Glaciers

Venezuela has recently witnessed a poignant environmental milestone, marking a grim reality of the climate…

18 hours ago

Fusion Micro Finance Secures $25 Million Loan from US International DFC

Fusion Micro Finance has obtained a $25 million loan from the United States International Development…

18 hours ago