This licence builds upon Revolut India’s present licences from the RBI, permitting it to function as a Class-II Authorised Cash Trade Seller (AD II) for issuing multi-currency foreign exchange playing cards in addition to for cross-border remittance providers.
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“It’s a main milestone for us, because it lends us the distinctive alternative to supply Indian shoppers each worldwide and home cost options on a single platform,” Chatterjee wrote.
Revolut, the biggest neobank in Europe, entered the Indian market in 2021 with expectations to problem present gamers within the home funds sector. The RBI nod is anticipated to strengthen Revolut’s place as a key participant in that area.
PPIs are devices or cost instruments that utilise saved financial worth, resembling digital wallets, sensible playing cards, or vouchers, for transactions.
On April 5, 2024, RBI governor Shaktikanta Das proposed permitting PPIs to be linked via third-party UPI functions, enabling PPI holders to conduct UPI funds much like checking account holders.
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“Being absolutely compliant with all regulatory necessities is our high precedence. India is the one market the place Revolut has subsequently undertaken the large job of localising the worldwide tech-stack, with a purpose to adjust to native rules,” she wrote within the Linkedin submit.In an interview with ET BFSI, Chatterjee revealed Revolut plan to introduce a full suite of digital-first cash administration providers for all Indian prospects. These providers will permit customers to handle their funds, together with funds, remittances, each regionally and internationally.
The app, at present in use by workers, will likely be formally launched as soon as the inner testing part is full, Chatterjee mentioned.
Additional, she mentioned that there are over 175,000 potential prospects on Revolut India’s waitlist, which demonstrates sturdy curiosity within the product.
