Kashi Gramin Bank customers can use the card across any of the 87,000-odd ATM networks in the country, NPCI managing director and chief executive AP Hota said, adding this is the first gramin bank ATM card in India
Mumbai: The National Payments Corporation of India (NPCI) is making fast progress with the rollout of the uniform national payment card and launched the first such card with a regional rural bank on Monday in Varanasi, reports PTI.
“We have launched the first gramin bank ATM card with the Kashi Gomti Samyut Gramin Bank in association with Union Bank of India in Varanasi. The card is called RuPay Gramin Card,” NPCI managing director and chief executive AP Hota told PTI here.
This is a big step in narrowing down the technological gap between major scheduled banks and regional rural lenders, he added.
Kashi Gramin Bank customers can use the card across any of the 87,000-odd ATM networks in the country, Mr Hota said, adding this is the first gramin bank ATM card in India.
Mr Hota further said being sponsored by the Union Bank (as RRBs don’t have permission from the RBI to make real time settlements), the RuPay Gramin Card will have the logos of the NPCI, Kasi Gramin Bank and the Union Bank.
The card was launched by Union Bank chairman and managing director MV Nair, a bank release said here.
On 14th May, NPCI had launched the first RuPay Card with the Maharashtra-based urban cooperative bank, Gopinath Patil Partik Janata Sahkari Bank. This also is an ATM card and not a debit card, Mr Hota informed.
On why the NPCI is launching only with co-operative and rural banks and not debit cards with commercial banks, he said, “Nationalised and private sector banks have different set of demands. Mainly they want debit cards, which we are not in a position to offer now. We are still working on the technology platform the merchant payment gateway for this.”
Mr Hota expressed the hope that the corporation will be able to offer the same within this year. “We hope to launch the RuPay debit cards by December.”
Set up by the Indian Banks Association (IBA) and being run under the guidance of the Reserve Bank of India, NPCI is working on rolling out the RuPay Card, which the RBI wants to eventually replace MasterCard and Visas Card as the single national payment card.
NPCI recently got the RBI permission to launch the RuPay Card, which finalised only late March. Leading financial consultancy Ernst & Young is working on the technological platform for the RuPay to be rolled out nationally.
In 2009, the RBI had asked the IBA to launch a not-for -profit company and design a rival card, then tentatively called India card, that can meet the requirements of the domestic banks on the lines of the Union Pay of China.
Currently, every transaction done in India using a debit or credit card is routed through network switches owned by Visa or MasterCard, which are based outside the country. The RuPay would eliminate the need for this connectivity.
Domestic banks paid around Rs500 crore last year as fees to these global card firms for processing debit and credit card payments, 90% of this were domestic deals.
Earlier in the day, NPCI held a seminar in the city on Interbank Mobile Payment Service (IMPS).
Addressing the seminar, advisor to the prime minister on public information infrastructure & innovation Sam Pitroda said if mobile banking has to take off really, then the service providers have to bring down cost and incentivise the users for doing so.
The Security Printing and Minting Corporation of India has already taken steps to produce indigenous raw material for the production of bank notes. The move will lead to production of about 80-85% of the bank note paper in the country in the next three years as against import of about 95% paper at present
New Delhi: The government on Monday said it is working towards introducing security features in currency notes across all denominations to check the menace of counterfeiting, reports PTI.
“Counterfeiting of our currency is a matter of great concern for the government... to check this menace of fake currency, an exercise for introduction of security features in all denominations of Indian bank notes is under way,” finance minister Pranab Mukherjee said.
The initiative, he added, is being piloted by the Directorate of Currency.
The finance minister said that to tackle the problem of counterfeiting, Security Printing and Minting Corporation of India (SPMCIL) has already taken steps to produce indigenous raw material for the production of bank notes.
“This will lead to production of about 80%-85% of the bank note paper in the country in the next three years as against import of about 95% paper at present,” he said.
He added that fully computerised ERP/SAP system is being installed by the SPMCIL to bring in economy, efficiency and transparency.
Mr Mukherjee was speaking at a function after releasing the new procurement manual of Security Printing and Minting Corporation of India (SPMCIL).
He said that it was one of the recommendations of the Banerjee Committee that looked at the issues of improving the functioning of the corporation and BRBNMPL (a subsidiary of RBI), which submitted its report in March 2010.
A SEBI-appointed committee, chaired by former RBI governor Bimal Jalan, had suggested last year sweeping changes in the way stock exchanges are owned and run and strongly recommended capping their profitability and not allowing them to get listed to safeguard their front-line regulatory role
New Delhi: The government on Monday discussed with the stock exchanges and other stakeholders a new set of rules for ownership and governance of the bourses, proposed by a Securities and Exchange Board of India (SEBI)-appointed committee last year, reports PTI.
At the meeting, held by ministry of corporate affairs and attended by representatives from various bourses, industry chambers, accounting bodies and other market entities, the government sought a roadmap by 30th May for segregation of regulatory and commercial roles of the exchanges.
A SEBI-appointed committee, chaired by former Reserve Bank of India (RBI) governor Bimal Jalan, had suggested last year sweeping changes in the way stock exchanges are owned and run and strongly recommended capping their profitability and not allowing them to get listed to safeguard their front-line regulatory role.
However, the proposals met with stiff resistance and SEBI sought the government’s suggestion before implementing them.
Subsequently, the ministry of corporate affairs has set up a committee under its joint secretary Renuka Kumar to discuss the Jalan panel’s recommendations with various stakeholders.
In its first meeting held yesterday, the committee discussed segregation of regulatory and commercial roles of the stock exchanges to avoid any conflict of interest between the two functions, as also other matters pertaining to the listing and ownership pattern of the bourses, sources said.
The meeting was attended by Madhu Kannan, Ravi Narain and Joseph Massey, chiefs of three bourses BSE, NSE and MCX-SX respectively, as also representatives from industry chambers, accounting bodies and other market entities.