%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(16).png "RBI has granted in-principle approval to Revolut for Prepaid Payment Instruments licence")
- This approval enables Revolut to issue prepaid cards and prepaid wallets in India, allowing it to operate as a domestic player in the market.
- This builds upon the existing licences which Revolut India has successfully obtained from RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to provide multi-currency forex cards and cross-border remittance services.
- This puts Revolut in a unique position in India, to be able to offer customers both international and domestic payment solutions on a single platform.
- Revolut, a London-based neobank and financial technology company, has been gearing up for its entry into India, working closely with the RBI over the past two years.
- This licence and the approvals that preceded it are an encouraging testament to that.
- It’s worth noting that India is the only market where Revolut is offering a localised version of the app.
Question:
Q.1 What does the PPI licence allow Revolut to do in India?a. Issue credit cards
b. Issue prepaid cards and prepaid wallets
c. Provide internet banking services
d. Provide insurance services
