The Reserve Bank of India has given its approval to Transcorp International Ltd to issue co-branded prepaid cards. With the approval, the RBI has allowed Transcorp to enter into co-branding arrangements for Prepaid Instruments that can be utilized in over 35 lakh stores and online gateways. After receiving approval from the RBI, the Transcorp International Ltd has become one of the first non-bank companies to receive approval to enter into co-branding arrangements for Prepaid Instruments.
Now, Transcorp International Ltd will be rolling out API based co-branded partnerships for Physical, Digital and Contactless cards with select marquee clients on its own BINs. Financial institutions, corporate houses and partners can use these cards to facilitate their core business activities. It will also allow them to facilitate safe transactions to serve their existing and new customers even if they do not have a bank account.
Important takeaways for all competitive exams:
- Chief Executive Officer of Transcorp International Ltd: Amitava Ghosh.