The President of India Shri Pranab Mukherjee dedicated ‘RuPay’ India’s own card payment network to the nation on May 8, 2014 at function at Rashtrapati Bhavan.
The President congratulated the Reserve Bank of India (RBI) for having envisioned the need for such an indigenously managed service in 2005 and National Payments Corporation of India (NCPI) for delivering RuPay service within 3 years.
The RuPay card is accepted at all ATMs (1.6 lakh plus), 95 percent of PoS terminals (9.45 lakh plus) and most of the eCom merchants (about 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.
The RuPay card symbolizes the capabilities of banking industry in India to build a card payment network so that dependency on international card scheme is minimised.
‘RuPay’ is developed by National Payments Corporation of India (NPCI)- a ‘not-for-profit’ company envisioned by the Reserve Bank and created by the banking industry.
For more information about RuPay card you may read – RuPay – All Information about RuPay Card.