India To Launch RuPay Card In Saudi Arabia

Elias Hubbard
October 25, 2019

The Ministry of External Affairs (MEA) on Thursday announced that India will launch RuPay card in Saudi Arabia during Prime Minister Narendra Modi's visit to the country to help the Indian pilgrims visiting Mecca Madina.

"There will also be a bilateral segment to his visit where PM Modi will meet Mohammad Bin Salman Al Saud, Crown Prince of Saudi Arabia, and hold bilateral talks with him", Tirumurti said.

India's domestic payment systems such as the RuPay card, UPI, and BHIM app have gained a strong footing in the Indian market, boosted by the policies of the Narendra Modi-led government that aim to keep transaction fees within the country.

The two countries are also expected to finalise modalities for India's single largest greenfield refinery to be built at Raigarh in Maharashtra with investments by Aramco of Saudi Arabia and Adnoc of the UAE.

The council will serve as an institutional mechanism to monitor progress in the bilateral strategic partnership, which has expanded in recent years from energy security to wide-ranging cooperation in defence and security, including information-sharing for counterterrorism.

On cross border terrorism, Tirumurti said both India and Saudi Arabia have concerns over terrorism which reflected in the joint statement issued after Crown Prime Salman's visit here in February. Modi will reach on the evening of October 28.

India, the world's third biggest oil importer, is scouting for partners to fill the reserves and also to build storage to hold oil reserves and cut costs.

Saudi Arabia is a key pillar of India's energy security, being a source of over 17 per cent of crude oil and 32 per cent of LPG requirements of India.

Both sides are also hoping to finalise Saudi Arabia's investment in India's National Infrastructure Investment Fund. We hope to launch the integration of our e-migrate system and the Saudi system during the prime minister's visit, he said. They expect to sign a MoU for a joint venture between Indian Oil Middle East and Al Jeri company for downstream cooperation in setting up retail outlets in Saudi Arabia.

Other reports by Click Lancashire

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