Revolut India has recently announced that it has received provisional authorization from the Reserve Bank of India (RBI) to issue prepaid payment instruments, including prepaid cards and e-wallets. This development further expands the company's authorized scope of operations as an Authorized Dealer Category II (ADII), with the RBI granting it the authority to issue multi-currency forex cards and provide cross-border remittance services.

Revolut India Authorized by RBI

This authorization enables Revolut to offer international and domestic payment solutions to Indian consumers through a single platform. Paroma Chatterjee, CEO of Revolut India, expressed gratitude to the RBI for the opportunity to operate in India and noted that being selected as one of the 17 institutions granted this license is an honor.

She added, "Over the past two years, we have tirelessly built the Revolut experience for India. Strict compliance with all regulatory requirements is our top priority. India is the only market where Revolut has undertaken the significant task of localizing its global technology stack to comply with local regulations."

Following the planned rollout of its services to Indian customers, Revolut India plans to gradually introduce the full global Revolut experience to the Indian market. The company already has over 175,000 potential customers on a waiting list, eager to meet the needs of Indian consumers.

Revolut Expands Business with Banking License in Mexico

Reportedly, Revolut has obtained a banking license in Mexico through approval from the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores), enabling it to establish its own bank in Latin America.

The company plans to focus on cross-border remittances and operate in the lucrative market of Mexico, where remittances reached a record $63.3 billion in 2023, primarily from the United States. Additionally, Revolut holds a banking license granted by the Bank of Lithuania in the European Economic Area and operates under a payment institution license in the UK, awaiting the processing of its banking license application there.