Tag Archives: RuPay

India’s own Card payment netword “RuPay”, dedicated to the NATION

On May 08, 2014, Rashtrapati Bhavan, New Delhi hosted a galaxy of top financial sector leaders.

The occasion was dedication of “RuPay’, India’s own card payment developed by National Payments Corporation of India to the nation.

The beta launch of ‘RuPay’, was in March 2012, with only one aim of migration of transactions from Cash to Electronic.

RuPay card is now 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 ‘RuPay Kisan Card’ is now being used by all the Public Sector banks at the direction of Ministry of Finance, Government of India.

The total number of banks issuing RuPay cards is now more than 250 and the card base as on April 30 is 17 Million plus and is growing at a rate of about 3 Million per month.

RuPay card offers personal accident insurance and permanent disability of Rs 1 lakh to the Card holder at the cost of NPCI subject to the card is kept in activated condition. Such a feature is not present on any international card scheme.

RuPay works on three standard channels — ATMs, Point of Sales (POS) and online sales, is the seventh such payment gateway in the world.

 

Kalupur Bank opens the RuPay network to its customers – SWOT analysis

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Kalupur Bank commenced its operations in December 1970 in Gujarat and at present has physical presence through 33 branches.  The bank had the privilege of being admitted as Direct Member of Clearing House in 1975. By 2005, the bank joined   “Real Time Gross Settlement” (RTGS) funds transfer mechanism.

The Bank is the first and only co-operative Bank amongst scheduled, District and State Co-operative Banks in Gujarat to get license as an Authorized Dealer category – 1, to deal in Forex, from RBI in 2007.

In March 2014, Kalupur Bank  launched ‘RuPay’ Debit cum ATM card for bank’s customers which will give then access  to 1.6 lac ATM centers and 8.75 lacs Point of Sale (POS).

It may be noted hat KCCB is the first co-op. Bank in Gujarat to issue Rupay brand Debit cum ATM cards.

“We already have 54,000 customers who use RuPay card. Through RuPay card, we expect to cover one lakh customers,” said V G Dadlani, general manager and CEO, Kalupur Bank.

RuPay debit cards aim at financial inclusion of more people. “Over 1.3 crore customers of 18 district co-operative banks will join the national financial switch through RuPay debit card by June,” said Ajay Patel, chairman, Gujarat State Co-op Bank Ltd.

National Bank for Rural and Agriculture Development (NABARD) will provide technology for RuPay cards at subsidized rates. NABARD will also connect the co-operative banks with core banking solutions (CBS) with the help of Tata Consultancy Services.

 

 

 

 

 

 

 

Indian Primary Agricultural Cooperative societies embrace RuPay card

 

Dakshina Kannada district is known as the Cradle of Indian banking as major nationalised banks of India like Canara Bank, Corporation Bank, Syndicate Bank, Vijaya Bank and private sector Karnataka Bank evolved from this district.

In the early 20th century, the district is now again marking its map on India’s financial arena.

Primary agricultural cooperative societies (PACS) that form the base of the cooperative credit structure are now set to play a major role in financial inclusion, as the South Canara District Central Cooperative (SCDCC) Bank has introduced the facility of RuPay Kisan Credit Card and RuPay Debit Card for them.

While SCDCC Bank offers the RuPay card facility, around 600 point-of-sale (POS) instruments in PACS and their branches help transact the RuPay card.

RuPay is a domestic card scheme launched by National Payments Corporation of India. It enables electronic payments at banks and financial institutions in the country. VISA and MasterCard are the foreign payment gateways

Launching RuPay card facility here, MN Rajendra Kumar, President of SCDCC Bank, claimed that his bank is the first district central cooperative bank to introduce the facility of RuPay cards to PACS. (PACS, numbering 166, are affiliated to SCDCC Bank)

Raigad Central Cooperative Bank in Maharashtra has already issued RuPay kisan credit card. However, SCDCC Bank is the first one where even PACS were taken on board. In Raigad, the accounts of PACS were shifted to the district central cooperative bank.

In the case of SCDCC Bank, the identity of PACS was retained. The transactions done by PACS are reflected in the books of central cooperative bank.

Nabard under its financial inclusion program has extended Rs1.46 crore for infrastructure such as RuPay cards, point-of-sales terminals (which are used for swiping cards to do transactions), etc.

Rajendra Kumar said that all the 166 PACS and their branches will be brought under CBS (core-banking solution) network by the end of December. SCDCC Bank, which has 63 branches, implemented the CBS in 2012.

 

Cosmos Bank goes live on NPCI-RuPay PaySecure

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Cosmos Bank is the first Co-operative Bank in India to provide the RuPay PaySecure facility for its customers. Through RuPay PaySecure Cosmos Bank customers can safely use their RuPay card on eCommerce sites.

Cosmos Bank is the Card Issuer in this case. An issuing bank is a bank that offers card association branded payment cards directly to consumers. The name is derived from the fact that it issues payment to the acquiring bank on behalf of its customer-the purchaser in the transaction.

Cosmos Bank was established in 1906, i.e the Bank completed glorious 107 years of service successfully. It has attained multi state scheduled status in 1997, which enabled it open branches in other Indian states.

As a Safe ePayments Motivator, to me Cosmos Bank’s biggest achievement is the establishment of  Cosmos eSolutions & Services Pvt. Ltd. in 2007.

The objectives of the subsidiary are

  • to provide end-to-end business and technology solutions to its clients in various areas of expertise
  • catering to the needs of the Banking and Financial Services Industry in the areas of Software Development, Training, IT Audit, IT Consultancy & Professional services

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