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I generally buy multi-currency travel cards from Forex agents. This time I approached a bank and they are saying it is illegal to hold 2 multi-currency travel cards in India.

I doubt this. Can someone confirm this?

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This doesn't appear to be accurate based on the RBI regulations. I'm quoting the relevant section here.

Q 3. How much foreign currency can be carried in cash for travel abroad?

Ans. Travellers going to all countries other than (a) and (b) below are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. Balance amount can be carried in the form of store value cards, travellers cheque or banker’s draft. Exceptions to this are (a) travellers proceeding to Iraq and Libya who can draw foreign exchange in the form of foreign currency notes and coins not exceeding USD 5000 or its equivalent per visit; (b) travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States who can draw entire foreign exchange (up-to USD 250,000) in the form of foreign currency notes or coins. For travellers proceeding for Haj/ Umrah pilgrimage, full amount of entitlement (USD 250,000) in cash or up to the cash limit as specified by the Haj Committee of India, may be released by the ADs and FFMCs.

Based on my reading of this, there is a restriction on the amount of currency (cash or coins) you can carry, it doesn't seem like there is a limit on the number of store value cards that you can carry additional money in.

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While there is a restriction on how much cash, foreign currency or INR that can be carried, there is no restriction on the number of foreign currency cards that one can hold. On the amount held on the card, possibly below applies.

Reading the RBI guideline from above answer again, 3000 USD can be carried in cash and balance can be carried in store value cards, travellers cheques etc. Given the subsequent text put the limit for Iran etc as 250K USD, assume same overall limit for other category as well. Hopefully that is the extent of money you need to carry.

Ans. Travellers going to all countries other than (a) and (b) below are allowed to purchase foreign currency notes / coins only up to USD 3000 per visit. Balance amount can be carried in the form of store value cards, travellers cheque or banker’s draft.

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