Thursday, May 14, 2015

SBI launches RuPay Platinum debit card

 

Country's largest lender State Bank today launched a RuPay Platinum debit card in association with National Payment Corporation of India (NPCI).


"With the growth of the Indian economy, our customers have evolved and their lifestyle and aspirations are at par with their global counterparts. It is an apt addition to our existing portfolio of debit cards," SBI Chairman Arundhati Bhattacharya told reporters here today.

Commenting on the product NPCI Managing Director and CEO A P Hota said, "The RuPay card comes with a special feature for the convenience of customers that is accepted at all payment channels- ATMs, PoS and eCommerce."

He said that NPCI will soon launch international RuPay debit cards allowing its customers to use them outside the country besides issuing RuPay credit cards by January 2016.

The card would be initially issued free to customers maintaining a quarterly balance of Rs 50,000.
The card offers various benefits like 5 per cent cash back on utility bills, complimentary airport lounge access, personal accident death and permanent total disability insurance cover of Rs 2 lakh, among others.

Currently, SBI has 19.7 crore debit cards in circulation and of which 4.5 crore are RuPay cards.
In the year ended March 2015, the bank saw a 37 per cent rise in its debit card transaction at Rs 30,785 crore from Rs 22,407 crore last year.

Meanwhile, replying to a query on SBI converting its office into a full fledged branch in Tehran after the country inked a pact with Iran to develop Chabahar port, Bhhatacharya said there was no immediate plan for it.

"We have to just wait and watch to see whether there is enough traction for us and then we will take a call," she said.




Sunday, April 26, 2015

PSU Bank RuPay Cards Now E-Commerce Enabled: NPCI

PSU Bank RuPay Cards Now E-Commerce Enabled: NPCI

The National Payments Corporation of India (NPCI) on Monday said it has completed system integration to enable e-commerce transactions through RuPay cards of public sector banks.

"RuPay card holders of all public sector banks are now e-commerce enabled. Card-holders can now conveniently purchase rail, road and air tickets by logging into the websites of travel companies or buy goods and services from online stores," an NPCI statement said.

Multiple levels of integration with the bank servers are required for enabling transactions like ATM usage, usage at point of sale terminals and e-commerce thorough the cards.

The RuPay cards, launched by the Reserve Bank of India-promoted NPCI, are alternative to foreign cards like Visa and MasterCard, which earn high revenue for facilitating transactions. There are 140 million RuPay cards in use at present.

The state-run lenders are the most active in issuing these indigenous cards.

For using the RuPay card for e-commerce transactions, a one-time user registration will have to be done at the time of the first transaction after which there would be the standard two-factor authentication process.

Over 30,000 online merchants in the country now accept RuPay cards, which includes Flipkart, IRCTC, Jet Airways, Snapdeal, Life Insurance Corp (LIC), Bookmyshow and Homeshop18.

Soon, RuPay ATM Cards for Student Account Holders

In a first-ofits- kind initiative, the Kozhikode District Cooperative Bank (KDCB) will be issuing exclusive RuPay ATM cards for student account holders. Aimed at attracting younger generation to KDCB, the savings bank account scheme of KDCB for minors is awaiting the final nod from the National Payments Commission of India (NPCI).

In the first phase, KDCB’s plan is to encourage high school and higher secondary schools of the district to open savings bank account for minors within a year. The scheme will be implemented with the support of the Education Department, and the account will be linked to the Aadhaar number. KDCB has also designed a colourful Student RuPay card, which is entirely different from the bank’s debit card.
According to KDCB general manager Abdul Mujeeb, currently majority of the customers who are availing of the facilities of KDCB belongs to the older generation. “KDCB’s Student Rupay card scheme not only aims to attract youth to the bank but also to impart knowledge on new banking technologies to them. We are expecting the final approval from the NPCI at the end of this month,” the general manager said.

Further explaining, Abdul Mujeeb said: “RBI norms allow any person who is above the age of 10 years to open a savings bank account. However, KDCB is the first banking institution, perhaps in the country, to design a special scheme in a bid to encourage the students to do banking of their own.”
As per the scheme, any boy or girl of 10 years of age can open a savings bank account with any of the branches of KDCB in the individual’s name by depositing a minimum amount of Rs 100. Though there is no need for the parent or guardian for joining in, the minor will have to get his specimen signature attested by the parent.

The savings bank account of minors will have facilities like internet banking, debit card and ATM in addition to cheque book facility. However, the minor has to ensure a continuous minimum balance of Rs 500 to avail of the cheque book facility. Moreover, the cheque issued from a minor account will bear a prescription indicating the same and it would be valid only for a maximum amount of Rs 5,000.

According to the KDCB general manager, besides students, the scheme would be beneficial to
parents as well as the educational institutions.

Sunday, April 5, 2015

RuPay Card Offers 1% Cashback: What to Know



RuPay Card Offers 1% Cashback: What to Know

The RuPay card, launched by the National Payments Corporation of India (NPCI), is now offering 1 per cent cashback in a direct challenge to international payment card companies like Visa and MasterCard. The cashback facility is available across all RuPay debit cards, which can be used at ATMs, point of sale terminals (PoS), and online transactions.

This implies whatever purchase one makes using the RuPay card, 1 per cent of that purchase amount will be credited back to the account of the cardholder.

Apart from public sector banks, RuPay cards are also issued by regional rural banks, co-operative banks and some private sector banks.

Here are the other benefits of RuPay cards.

1) Lower Cost: Being of Indian origin, RuPay card is cost effective for users as it charges lower processing fees for domestic transactions compared to other cards. "Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction," NCPI says on its website.

2) Faster Processing: All RuPay card payments are processed within India. This makes RupPay card transactions faster than other international cards.

3) Security: RuPay being a domestically developed card, all transaction and customer data related to this card transaction reside in India. It has also launched an e-commerce solution called PaySecure, which provides a secure platform for e-transactions. The platform offers enhanced security measures in addition to the RBI mandated 2-factor authentication requirement like registration, one-time password (OTP), image-based authentication and anti-phising measures.

Like other international debit cards, RuPay cards also use EVM (Europay, Master, and Visa) chip, a global standard for credit card and debit card payments based on chip card technology. In an EVM card each transaction at point of sales is authenticated through entry of a personal identification number to verify the genuineness of cardholder.

EVM-based cards have more security features than magnetic-strip cards where typically only the card's number and expiry date is processed. EVM cards contain more information which needs to be verified at a point-of-sales transaction, making transactions more secure.

Now, book railway tickets with RuPay pre-paid debit cards




Railway Minister Suresh Prabhu launching the IRCTC Union Bank RuPay Prepaid card

Railway passengers in the country can now book their tickets, do shopping and pay service bills using RuPay pre-paid cards, as the Indian Railway Catering and Tourism Corporation (IRCTC) launched the debit card service in the national capital on Tuesday.

The cards can be made available from UBI offices or through IRCTC online. Initially the service will be available for booking tickets and later on, facilities for shopping and bill payments will be added.

The service was launched by the IRCTC in collaboration with Union Bank of India and National Payment Corporation of India.

"It is a union with your bank for customers' interest," Railway Minister Suresh Prabhu said in the capital city while launching the IRCTC-UBI RuPay pre-paid card.

RuPay is the country's own card payment gateway network like Visa and Master Card, and provides an alternative system for banks to provide a debit card service.

UBI CMD Arun Tiwari said "the card holder will get free Rs 1 lakh accident insurance coverage as part of the benefits to customers."

In order to make the card attractive, reward points will be given on each transaction.
One can have the card with a loading limit of Rs 10,000 with partial Know Your Customer (KYC) details or Rs 50,000 loading limit with full KYC.

Manocha said the first five transactions per card every month done on IRCTC for purchase of train tickets will be free and no transaction charges will be levied to customers for six months only.
For every subsequent transaction post the free usage, customer will be charged Rs 10 per transaction.
The transaction charge would be Rs 10 per ticket for booking a ticket through the card on the IRCTC portal.

Prabhu said Railways was partnering with banks and financial institutions to promote passengers' interest.

"It is in line with Prime Minister Narendra Modi's financial inclusive programme as one does not need to have a bank account in UBI to have the card and you can avail it online also," the railway minister said.

IRCTC Chairman and Managing Director AK Manocha said the card was a first-of-its-kind in the market as both virtual as well as physical cards are being issued to customers in two variants.
IRCTC had signed an MoU with UBI for executing the RuPay card project.


Railways launch RuPay pre-paid debit card

Railway passengers can now book their tickets, do shopping and pay service bills using RuPay pre-paid cards, as the IRCTC launched the debit card service on Tuesday. The service was launched by the Indian Railway Catering and Tourism Corporation (IRCTC) in collaboration with the Union Bank of India and the National Payment Corporation of India.

“It is a union with your bank for customers’ interest,” Railway Minister Suresh Prabhu said here while launching the IRCTC-UBI RuPay pre-paid card. RuPay is India’s own card payment gateway network like Visa and Master Card, and provides an alternative system for banks to provide a debit card service.

Prabhu said Railways is partnering with banks and financial institutions to promote passengers’ interest. “It is in line with Prime Minister Narendra Modi’s financial inclusive programme as one does not need to have a bank account in UBI to have the card and you can avail it online also,” Prabhu said.

“It is a union with your bank for customers’ interest,” Railway Minister Suresh Prabhu said here while launching the IRCTC-UBI RuPay pre-paid card.

Railways launch RuPay pre-paid debit card
IRCTC Chairman and Managing Director AK Manocha said the card is a first-of-its-kind in the market as both virtual as well as physical cards are being issued to customers in two variants. Cards can be made available from UBI offices or through IRCTC online. Initially the service will be available for booking tickets and later on shopping and bill payments will be added.

UBI CMD Arun Tiwari said “the card holder will get free Rs 1 lakh accident insurance coverage as part of the benefits to customers.” In order to make the card attractive, reward points will be given on each transaction.

One can have the card with a loading limit of Rs 10,000 with partial “Know Your Customer” (KYC) detail or Rs 50,000 loading limit with full KYC. Manocha said the first five transactions per card every month done on IRCTC for purchase of train tickets will be free and no transaction charges will be levied to customers for six months only.

For every subsequent transaction post the free usage, customer will be charged Rs 10 per transaction. The transaction charge would be Rs 10 per ticket for booking a ticket through the card on the IRCTC portal. IRCTC had signed an MoU with UBI for executing the RuPay card project.

UP: Co-op societies get Rupay Kisan Card

kisan credit card

Nabard’s UP chief general manager has launched ‘ Rupay Kisan Card’ at the head office of district cooperative bank in Pilibhit. The new computerised banking system will enable about a hundred thousand farmers.

Farmers with bank accounts can now deposit or withdraw or carry out any transactions with nationalized banks across the country. The Times of India report quotes Nabard sources as saying the new plan would not only boost transparency in banking activities but also check illegal transactions.

Sources say Nabard would provide cooperative bank and cooperative societies with 90 percent of the total cost of the plan in the form of a grant-in-aid. The plan is estimated to cost about Rs 1 crore.
Nearly 76 cooperative societies operating in the district would be equipped with micro computer devices fitted with the core banking solutions, sources add.

Cooperators seem upbeat about the consequences of the new plan as they are confident this would end a delayed cumbersome system based on manual labour.