NPCI ties up with BoI for “RuPay” cards

The card, named “Dhan Aadhar”, has the 12-digit Aadhar number given by the Unique Identification Authority of India, besides the conventional 19-digit number

The indigenous alternative in the payments space to Mastercard and Visa, RuPay, took a big stride with Reserve Bank of India-promoted National Payments Corporation of India (NPCI) launching the card in partnership with Bank of India. Bank of India becomes the fourth partner bank for NPCI. Over the past two months, it has tied up with three regional rural and co-operative banks and distributed 10,000 cards, NPCI's managing director and chief executive AP Hota said.

The card, named "Dhan Aadhar", has the 12-digit Aadhar number given by the Unique Identification Authority of India, besides the conventional 19-digit number. It also carries a photograph of the accountholder, which helps it serve as an ID-card like a passport, Bank of India chairman and managing director Alok Misra said. The Padgha village was chosen for the launch as all the residents in the local gram panchayat have already got Aadhar numbers, he said. Hota said his organisation has already integrated with the servers of the UIDAI which would enable it real time access to cross-verify details like biometrics and photograph.

Through this card, an accountholder can transact by giving thumb impression at a terminal manned by a business correspondent in the rural areas while it can act like a conventional card at an ATM, where the accountholder will have to give a four-digit PIN, he added. When asked if it will also allow transactions at merchant outlets and work like a debit card, Hota replied in the negative. The NPCI would be required to do more integration and call for more regulatory clarity to do so, he said.

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Carrefour to offer online shopping in India

Carrefour is building an IT platform that will enable its customers to shop online

Looking to tap and engage tech savvy business establishments in India effectively, French retailer Carrefour is building an IT platform that will enable its customers to shop online.

"We are in the process of building a platform for e-enablement to engage them (customers) effectively," Carrefour WC&C India director-IT supply chain and organisation Subhodip Bandyopadhyay told PTI.

Carrefour that currently has only one cash and carry store in India here at the capital offers multiple channels of engagement to its registered customers such as phones, e- mail and direct contact on the shop floor.

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JPMorgan MF introduces 370 days fixed maturity plan

JPMorgan Mutual Fund new issue opens on 23 June 2011

JPMorgan Mutual Fund has launched JPMorgan India Fixed Maturity Plan Series 3 (JPMIFMP Series 3)-23 June, a close-ended income scheme.

The investment objective of each of the Scheme is to generate income through investments in debt/money market instruments and Government of India securities maturing on or before the maturity date of the respective scheme. The tenure of the scheme is 370 days.

The new issue opens on 23 June 2011 and closes on 27 June 2011. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Nandkumar Surti and Namdev Chougule are the fund managers.

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