Financial and Business News

Revolut India Expands Offerings with RBI Approval for Payment Instruments

Friday, 12/04/2024 | 15:23 GMT by Tareq Sikder
  • The firm will broaden its services with the approval for forex cards and remittances.
  • Revolut has established itself as a bank in Latin America with a new banking license in Mexico.
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Revolut India has recently announced that it has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments, including prepaid cards and wallets. This development adds to the company's existing authorization to operate as an ADII, with permissions granted by the RBI for issuing multi-currency forex cards and providing cross-border remittances.

Revolut India Achieves Authorization from RBI

This authorization marks a milestone for Revolut India, as it enables the company to offer both international and domestic payment solutions to Indian consumers through a single platform. Expressing gratitude towards the RBI for the opportunity to operate in India, Revolut India's CEO, Paroma Chatterjee, noted the honour of being selected among the 17 entities granted this license.

Paroma Chatterjee, CEO, Revolut India, Source: LinkedIn

“Over the last two years, we have been tirelessly building the Revolut experience - for India, in India. Being fully compliant with all regulatory requirements is our top priority. India is the only market where Revolut has therefore undertaken the massive task of localising the global tech-stack, in order to comply with local regulations,” she added.

Anticipating the introduction of its services to Indian customers, Revolut India aims to bring the global Revolut experience to the Indian market gradually. With over 175,000 prospective customers already on the waitlist, the company looks forward to catering to the needs of Indian consumers.

Revolut Expands with Banking License Approval in Mexico

Revolut has expanded its operations by obtaining a banking license in Mexico, allowing it to establish itself as a bank in Latin America, as reported by Finance Magnates. The approval from Comisión Nacional Bancaria y de Valores enables Revolut to offer a wide range of financial products and services to Mexican users.

The company plans to focus on cross-border remittances, leveraging Mexico's lucrative market, where remittances reached a record $63.3 billion in 2023, predominantly from the United States. Additionally, Revolut holds a banking license in the European Economic Area, granted by the central bank of Lithuania, while operating with a payments institution license in the UK as it awaits processing of its banking license application there.

Revolut India has recently announced that it has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments, including prepaid cards and wallets. This development adds to the company's existing authorization to operate as an ADII, with permissions granted by the RBI for issuing multi-currency forex cards and providing cross-border remittances.

Revolut India Achieves Authorization from RBI

This authorization marks a milestone for Revolut India, as it enables the company to offer both international and domestic payment solutions to Indian consumers through a single platform. Expressing gratitude towards the RBI for the opportunity to operate in India, Revolut India's CEO, Paroma Chatterjee, noted the honour of being selected among the 17 entities granted this license.

Paroma Chatterjee, CEO, Revolut India, Source: LinkedIn

“Over the last two years, we have been tirelessly building the Revolut experience - for India, in India. Being fully compliant with all regulatory requirements is our top priority. India is the only market where Revolut has therefore undertaken the massive task of localising the global tech-stack, in order to comply with local regulations,” she added.

Anticipating the introduction of its services to Indian customers, Revolut India aims to bring the global Revolut experience to the Indian market gradually. With over 175,000 prospective customers already on the waitlist, the company looks forward to catering to the needs of Indian consumers.

Revolut Expands with Banking License Approval in Mexico

Revolut has expanded its operations by obtaining a banking license in Mexico, allowing it to establish itself as a bank in Latin America, as reported by Finance Magnates. The approval from Comisión Nacional Bancaria y de Valores enables Revolut to offer a wide range of financial products and services to Mexican users.

The company plans to focus on cross-border remittances, leveraging Mexico's lucrative market, where remittances reached a record $63.3 billion in 2023, predominantly from the United States. Additionally, Revolut holds a banking license in the European Economic Area, granted by the central bank of Lithuania, while operating with a payments institution license in the UK as it awaits processing of its banking license application there.

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About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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