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Revolut India on Friday said it has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) including prepaid cards and prepaid wallets in the country.
This enables it to operate as a domestic player in the market, the global fintech firm said in a statement.
This approval 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 be able to provide multi-currency forex cards and cross-border remittance services, it said.
It also puts Revolut in a unique position in India, to be able to offer customers both international and domestic payment solutions on a single platform, it said.
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 said adding that India is the only market where Revolut is offering a localised version of the app.
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