RBI and FIU-IND Scrutinise Offshore Crypto Cards Linked to…
By Karthik Subramanian
AI summary of the source article
India's RBI and FIU-IND are scrutinising offshore cryptocurrency payment cards operating via Visa and Mastercard networks, such as RedotPay. Regulators are examining whether these arrangements circumvent domestic payment regulations, foreign exchange restrictions, and anti-money laundering requirements.
Why it matters
For Indian users, the immediate concern is whether offshore cards will remain operational and how existing balances can be accessed if services are restricted. For regulators, the issue is whether cryptocurrency-funded payments operating through international card networks comply with domestic financial oversight.
Key facts
- The RBI and FIU-IND are examining offshore crypto cards that allow Indian residents to spend digital assets locally and withdraw cash from ATMs.
- Several users reported their cards stopped working in India, while authorities are reportedly communicating with Visa and Mastercard.
- In September 2026, FIU-IND issued noncompliance notices to 15 virtual digital asset service providers and sought restrictions on their services.
Source excerpt · FinanceFeeds
India's Reserve Bank of India (RBI) and Financial Intelligence Unit-India (FIU-IND) are reportedly scrutinising offshore cryptocurrency payment cards that allow residents to spend digital assets at domestic merchants and withdraw rupees from ATMs. The investigation, reported by The Economic Times on November 2, 2026, concerns prepaid cards offered by international fintech providers, including Redo…