Axis Bank Ltd. has launched a Visa-branded prepaid card in India designed for tourists.
The India Travel Card initially will be available at some Axis branches and money-exchange locations in Mumbai, Delhi and Chennai, the bank said.
Axis plans to make the card available at 190 of its branches by June, a spokesman said. A foreign tourist will have to visit a branch and exchange any major foreign currency for a rupee-denominated prepaid card of the same value based on the foreign-exchange rate at the time, he said.
"Upon departure from India, the holder will be able to reclaim the remaining funds in Indian rupees and then convert it into their currency," the spokesman said.
Applicants will have to show their passports, have a valid Indian travel visa and pay a fee of $2.20 for the card.
The card was announced Feb. 21.
