"More than 150 cooperative banks and Regional Rural Banks - in the country have issued the RuPay ATM card. The total number of cards issued as on date is 17 Million and is growing at a rate of about three million per month. "
New Delhi, May 7 - RuPay, an indigenous payment card accepted at most retail and e-commerce platforms and all automated teller machines - across the country, will be dedicated to the nation Thursday.

President Pranab Mukherjee is scheduled to dedicate the card payment network to the nation at a function at Rashtrapati Bhavan.

RuPay is the coinage of two terms Rupee and Payment. It has been developed by National Payments Corporation of India -, a not-for-profit company envisioned by the Reserve Bank of India - and created by the banking industry.

According to an official statement, the RuPay card, launched March 26, 2012, is accepted at all ATMs -, 95 percent of point-of-sale - terminals - and most of the e-commerce merchants - across 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 cards issued by 43 banks.

A variant of Pre-paid RuPay card would shortly be launched by IRCTC, it said.

More than 150 cooperative banks and Regional Rural Banks - in the country have issued the RuPay ATM card. The total number of cards issued as on date is 17 Million and is growing at a rate of about three million per month.

This card symbolises the capabilities of banking industry in India to build a card payment network so that dependency on international card scheme is minimised, the statement said.


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