India, Saudi Arabia Sign MoU During PM Modi’s Visit To Launch RuPay Card In Gulf Kingdom

India, Saudi Arabia Sign MoU During PM Modi’s Visit To Launch RuPay Card In Gulf KingdomThe RuPay symbol (NPCI Website)

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.