President of India to dedicate ‘RuPay’ to the nation

The President of India, Shri Pranab Mukherjee will dedicate ‘RuPay’ India’s own card payment network to the nation tomorrow (May 8, 2014) at function at Rashtrapati Bhavan. The RuPay card is accepted at all the ATMs (1,60,000+), 95% of PoS terminals (9,45,000+) and most of the eCom merchants (10,000+) in the country. A variant of the card called ‘Kisan Card’ is now being issued by all the Public Sector banks in addition to the mainstream debit card which has been issued by 43 banks. A variant of Pre-paid RuPay card would shortly be launched by IRCTC. More than 150 Cooperative banks and the Regional Rural Banks (RRBs) in the country have also issued RuPay ATM card. The total number of cards issued as on date is 17 Million and is growing at a rate of about 3 Million per month. This card symbolizes the capabilities of banking industry in India to build a card payment network so that dependency on international card scheme is minimized. ‘RuPay’ is developed by National Payments Corporation of India (NPCI) – a ‘not-for-profit’ Company envisioned by Reserve Bank of India and created by the banking industry.