After the launch of RuPay card in Singapore, Bahrain, Bhutan and United Arab Emirates (UAE), India on Tuesday (29 October) signed an agreement with the Saudi Arabia to pave the way for the launch of RuPay cards in the Middle-Eastern nation, reports Times of India.
A memorandum of understanding (MoU) was signed between India and Saudi Arabia for the launch of the RuPay card in the gulf nation during the visit of Prime Minister Narendra Modi, said a joint statement issued at the end of the visit.
The development gains significance as Saudi Arabia is home to more than 2.6 million Indian citizens, the largest expatriate community in the country, who are working there. The operationalisation of the RuPay would also aid the two lakh plus Haj pilgrims who visit the gulf nation every year.
The launch of the RuPay cards in the Saudi would help the users of the card to transact at cheaper rates, and in Indian currencies. It should be noted that there are already close to 500 million RuPay cards in circulation in India, and further expansion is gaining pace.
As you are no doubt aware, Swarajya is, all in all, a reader-subscription-backed business model and in order to make sure we build a media platform with only the best interests of India at heart, we need your backing.
And in challenging times like this, we need your support now more than ever—to continue bringing you stories that are often shrugged off.
For us to invest in quality reporting and continue bringing you the right stories, it takes a lot of time and money.
Partner with us, be a patron or a subscriber. We need your support, throughout.