Showing posts with label hdfc bank. Show all posts
Showing posts with label hdfc bank. Show all posts

Monday, November 9, 2015

Add-on insurance edge for RuPay

The National Payments Corporation of India (NPCI), which developed the country's home-grown card payment system RuPay, has attributed the system's rapid growth to the insurance cover it provided to its card-holders.

Rupay, which became operational from 2012, have rolled out 206 million cards (as of September-end), acquiring a sizeable market share within a short time.

Of the 206 million cards, 160 million is for bank accounts opened under Pradhan Mantri Jan Dhan Yojana (PMJDY).
"The opportunity was given because of RuPay's inherent strength," said A.P. Hota, CEO and managing director of NPCI.
"The government had weighed and evaluated all card payment systems. At that time, the RuPay card had an inbuilt accident insurance of Rs 1 lakh. When the PMJDY scheme was launched, it was thought that along with the opening of accounts let people have an access to accident insurance. Then (Jan Suraksha) insurance schemes were not present. So, the government chose RuPay by its intrinsic strength," Hota said.

RuPay competes with Visa and MasterCard in India.

Hota said NPCI's non-profit characteristic was another factor behind its growth.

"NPCI is not a profit-making company. All operational benefits go to the same banking community who pays the fees," he said.

Hota said the revenue stream from its different verticals - card payment, Aadhar-based services and mobile-based interbank immediate payment service (IMPS) - were adequate to fund the introduction and upgradation of the payments technology.

Mobile payments

NPCI is working on upgrading and simplifying the existing IMPS system, which is likely to take shape by January.
"In IMPS you can send money instantaneously. But suppose one would like to collect money instantaneously. That would be possible in the new system. We have also tried to dissociate authentication and identity verification. Registration formalities have been tightened. Also, the payment processing service provider is not necessarily your bank. An account can be with one bank but the transaction routing can be through another bank," Hota said.

Eleven banks, including Union Bank, United Bank of India, Bank of Baroda, HSBC, HDFC and ICICI have shown interest in participating in the project. NPCI is also in talks with the SBI, which has the largest bank network.

"This requires regulatory clearance. For the last 45 months we have been in touch with the regulator and are clarifying their questions. We hope to secure approval soon. We will start with a few banks and expand gradually," he said.
NPCI is in the process of bringing in district co-operative banks and regional rural banks under the IMPS network.

Wednesday, March 4, 2015

Government, NPCI differ over insurance for RuPay cardholders

Differences have emerged between the government and the National Payment Corporation of India (NPCI), the issuer of RuPay debit card that is given free with every bank account opened under the Pradhan Mantri Jan-Dhan Yojana, over the insurance cover on the inactive cards.

NPCI is of the view that any cardholder who has not swiped the debit card even once in 45 days should not be entitled to insurance cover, while the government says that any such condition defeats the purpose of the national mission for financial inclusion.

Officials told ET that NPCI has argued that imposition of this condition will prompt the cardholders to be active users of RuPay, which competes with established players like Visa and Mastercard. It has proposed that if the government wants to ex tend the duration of swipe to 90 days or 180 days, it should be willing to pay a part of premium expenses that are currently borne by NPCI.

Currently, private insurer HDFC Ergo provides personal accident cover up to Rs 1 lakh to the RuPay cardholders, only if the card is swiped within 45 days of the incident.

Originally, NPCI had called for a tender with a clause mandating a swipe within 45 days, but later it issued a fresh tender, seeking bids for insurance cover for various durations. It called for bids that would cover personal accident when the swipe is within 45 days, 90 days and 180 days of the incident. The bid ding, which closed last week, invited tenders for the next fiscal and only one of the durations will be accepted in consultation with the government.

We have conveyed to the government that we will pay premiums, only if there is a swipe once in 45 days. However, if the government desires to extend it to 90 days or 180 days, it should pay the difference in the premium between 45 days and 90 days or 180 days, whichever period it chooses," said AP Hota, MD and CEO of NPCI.

As a late entrant in the card business, NPCI feels that the condition to swipe the card within the stipulated time will help establish it as a prominent player, particularly since big banks already have tie-ups with its rivals Visa and Mastercard.

The company has called for bids for all cardholders, which are estimated at 20 crore. The cover will include death and permanent disability due to accident. The claim has to be intimidated within 90 days of incident and settled within 10 days of receiving all documents.

Sunday, January 11, 2015

Private banks lag behind PSU lenders in opening Jan Dhan a/c

Private banks lag behind PSU lenders in opening Jan Dhan a/cPrivate sector banks are way behind their PSU peers when it comes to opening financial inclusion accounts under the Prime Minister's Jan Dhan Yojana, with just about 30 lakh in over four months.

The state-owned banks have opened 8.62 crore such accounts in the same period. The number of such accounts opened by even regional rural banks stands at 1.92 crore.

Private banks have a market share of about 20 percent, but their contribution in this flagship financial inclusion programme of the government is only about three percent.

As per the latest Finance Ministry data, 13 private sector banks have opened 30.47 lakh Jan Dhan bank accounts as against 8.62 crore by state-owned banks as on January 7.

Prime Minister Narendra Modi launched the financial inclusion scheme on August 28, 2014. The initial target was to open 7.5 crore such accounts, but the later it was revised upwards to 10 crore to be completed by January 26, 2015. However, this target has already been achieved.

Taking into account the regional rural banks, so far a total of 10.84 crore Jan Dhan accounts have been opened so far by all banks in the country.

Among private banks, just three of them -- HDFC Bank, ICICI Bank and J&K Bank -- account for about two-third of total accounts opened by private sector lenders.

HDFC Bank has opened 7.8 lakh such accounts, followed by ICICI Bank's 6.67 lakh and Jammu and Kashmir Bank's 6.06 lakh.

Country's third largest private sector lender Axis Bank have opened 2.45 lakh accounts and Kotak Mahindra Bank has opened just 54,000 accounts.

As far as public sector banks are concerned, they have opened more than 8.62 crore Jan Dhan accounts.

Country's largest bank SBI has opened 2.15 crore accounts, followed by Punjab National Bank (61.74 lakh), Bank of Baroda (58.47 lakh), and Canara Bank (53.79 lakh).

The main features of the PMJDY scheme include Rs 5,000 overdraft facility for Aadhaar-linked accounts, RuPay Debit Card with inbuilt Rs 1 lakh accident insurance cover.

Besides, account holders under the scheme will get life insurance cover of Rs 30,000. This was additional benefit announced by the Prime Minister during the launch of the scheme. Private banks lag behind PSU lenders in opening Jan Dhan a/c

Sunday, January 4, 2015

To ensure high growth trajectory, Narendra Modi government to overhaul banking sector

The Narendra Modi government is embarking on an overhaul of the banking sector to ensure it lends support to country's move towards high growth trajectory. With public sector banks performance lagging behind their private peers on key indicators, the government wants to urgently draw up a reform roadmap that could include revamp of priority sector lending, consolidation and effective use of technology for lending and greater financial penetration.

"...There is a wide disparity in various performance indicators of private and public sector banks and in this context there is a need to rethink on the strategy of PSBs...When the country is trying to achieve accelerating growth of economic development, it is absolutely essential that banking reforms are thought about, deliberated about," Hasmukh Adhia, secretary, department of financial services, said here on the first day of 'Gyan Sangam', banking retreat organized by the finance ministry.

For example, return on total asset by private sector banks is 1.6% compared to just 0.5% for public sector banks. Gross non-performing asset ratio of public sector banks is over 5%, while private sector banks' is pegged at little over 2%.

On all other indicators also private sector banks have shown a better performance that their public sector counterparts.

Prime minister Narendra Modi, finance minister Arun Jaitley, minister of state for finance Jayant Sinha and RBI governor Raghuram Rajan will attend the two-day bankers retreat in the lush green campus of National Institute of Bank Management on the outskirts of the city.

The retreat will attempt to draw up a "concrete" action plan to re-inviogarate the sector, grappling with mounting bad loans.

".... banks and financial institutions are the backbone of the economy. Stronger the bank and financial institutions, stronger would be the growth of the economy," Adhia said adding that the deliberations over the next two days would also focus on the recommendations given by various committees in the past, non-performing assets and credit off take.

Adhia said bankers participating in the retreat had been divided into six working groups to assess issues and draw up plans to be presented to Prime Minister after discussion with finance minister and RBI governor.

External experts including, KV Kamath, ICICI Bank chairman, P J Nayak, ex-CMD, Axis Bank, Paresh Sukhantkar, DMD, HDFC Bank and Bandhan founder Chandrashekar Ghosh have been roped in from the private sector help bankers draw on their skills.

Framework would be drawn up for achieving universal financial inclusion, leveraging technology to improve efficiency, re-thinking priority sector lending, improving risk management, asset quality and recovery, consolidation and restructuring of PSBs and building robust people strategy.

Adhia said risk management and asset quality was a problem area for banks and the government wanted to help them manage it in a better way while pitching for a change in priority sector lending norms that has remained at 40% since 1969 when the guideline was introduced.

"We would like to generate ideas on what could be the priority sector prescription for the banks in view of the present state of the economy...At the moment banks have to lend 40%of their total credit to priority sector which include agriculture loan, loans to minority.., Adhia said adding that the overall economy has seen a major shift from 1969. For example food processing would be very important for agriculture growth, but does not feature on the priority sector lending items, he pointed.

Adhia said consolidation in banks did not necessarily mean only mergers and acquisitions.
"If we have to give better support to banks, if the banks have to play a complimentary role, can we think of some other structures by which it is easy for the banks to manage their affairs, it is easy for them to get capital from the market and it is easy for them to improve the balance sheets," he said. On the issue of financial inclusion, the financial services secretary said that the focus of group discussions will be on how to keep these accounts active and improve the savings rate of the country from 30% to 35% of the gross domestic production (GDP).

"We will be looking that how other financial products such as pension and insurance can be linked with these accounts," he said. Under the government's ambitious financial inclusion scheme, Pradhan Mantri Jan Dhan Yojna (PMJDY), banks have opened around 10.3 crore accounts and 98.4% of the households have been covered.

"We are also seeding these accounts with Aadhaar number and around 33% of the accounts have been linked," said Adhia, adding that Rupay card have been provide to 80% account holders.

The retreat is being held to take forward the government's commitment to reforms in the financial sector, the finance ministry said in a statement. "The growth and change in financial sector ought to be in tune with the development in the real sector," the statement said.

Thursday, October 9, 2014

5.29 crore accounts opened; 1.78 crore RuPay cards issued under PMJDY

"As on date, 5.29 crore accounts have been opened under PMJDY, of which 3.12 crore are in rural and 2.17 crore are in urban areas. RuPay Card have been issued in 1.78 crore accounts," an official statement said.

Prime Minister Narendra Modi had launched this ambitious scheme of financial inclusion on August 28.

The benefit of Pradhan Mantri Jan Dhan Yojana (PMJDY) can be extended to existing account holders without opening a new account.

The statement said Mission Director and Additional Mission Director reviewed the progress in implementation of PMJDY with Executive Directors of PSU banks and some of the private banks such as Axis Bank, HDFC Bank, ICICI Bank and IndusInd Bank.

It said banks have been advised to increase their capacity to issue RuPay cards and clear the backlog quickly.

While most of the banks expect backlog to be cleared by October 15th, in some banks it may take four weeks, it added.

Banks have initiated the survey work for identification of uncovered households which will be completed by October 10. This is excluding the states of Haryana and Maharashtra where
survey work has been temporarily suspended in view of Assembly Elections, the statement said.

The main features of the PMJDY scheme include Rs 5,000 overdraft facility for Aadhar-linked accounts, RuPay Debit Card with in-built Rs 1 lakh accident insurance cover.

Besides, account holders under the scheme will get life insurance cover of Rs 30,000. This is an additional benefit that was announced by the Prime Minister during the launch of the scheme.

The government is also considering transfer of kerosene oil and LPG subsidies directly to bank accounts.

Presently, the government subsidies the products so that consumers can buy fuel below market price, however, under direct benefit transfer the consumer will be paid cash subsidy so that he can buy kerosene and LPG at market price.

Wednesday, August 27, 2014

HDFC Ergo to offer insurance cover to RuPay cardholders for 3 years

 According to the terms, HDFC Ergo would provide an insurance cover of Rs 1 lakh to all RuPay cardholders which can be claimed in case of death or permanent disability.

General insurance company HDFC Ergo has won the mandate to provide insurance cover to all RuPay cardholders, a move which will benefit the insurance company with the government ready to implement the financial inclusion agenda. The Reserve Bank of India-promoted National Payments Corporation of India (NPCI), a company which provides the technology backbone for most payments in India as well as offers the RuPay card, has given the contract to HDFC Ergo for a period of three years.

According to the terms, HDFC Ergo would provide an insurance cover of Rs 1 lakh to all RuPay cardholders which can be claimed in case of death or permanent disability.

AP Hota, CEO and MD of NPCI, confirmed that the company has tied up with HDFC Ergo for the Rs 1 lakh insurance cover. However, in an email response to ET, a spokesperson for HDFC Ergo, said, "We won't be participating for this story."

The company has issued 2.3 crore cards, and it is estimated that 15 crore new bank accounts would be opened and as many new cards would be issued in the unbanked areas by March 2016, and the premium will be paid by NPCI, and not the cardholder. Bank officials, who did not wish to be identified, said that NPCI would be paying a premium of Rs 1 per card. "We are in the process of simplifying the claims procedure and also making customers more aware of their procedure to make claims," said Hota.

However, the insurance company will consider the claim only if the card is active. A card would be considered active if the cardholder has swiped it within 45 days of making a claim. NPCI is in talks with HDFC Ergo to improvise a scheme wherein the claim could be made if it had been swiped 90 days before.

The Narendra Modi-led government had announced on August 15 a massive financial inclusion plan of opening bank accounts and providing insurance cover. On Thursday, the financial inclusion  plan of opening bank accounts and providing insurance cover. On Thursday, the financial inclusion programme called Jan Dhan Yojana will be launched in 75 centres, covering 600 districts and 60,000 villages.

It is estimated that 60% of country's population does not have access to formal banking services.

The Jan Dhan Yojana aims to provide one bank account for every household in a year. Since each new account-holder will also be given the RuPay card, this will increase the customer base of HDFC Ergo.

Monday, October 21, 2013

Zero-liability cards are useful - Rupay Cards

The sheer fear of loss of a credit or debit card can give ulcers to most. Besides the monetary liability, it involves running from pillar to post to get the card blocked.

In case of a disputed transaction, it is the customer's responsibility to prove it is not his fault. Till then, he is liable to pay for the transaction. Eventually, if the customer is able to prove he is not at fault, the bank will refund the amount, but this could take time. To protect yourself against this, you can opt for credit or debit cards which have the zero-liability feature. Both Visa and MasterCard offer this feature. RuPay will start offering this by the end of this year or early January, said an official from National Payments Corporation of India. But unless your card issuing bank offers this facility, you cannot avail of it. Banks have to incur an additional cost for the insurance to cover the liability in case of a loss of card, which pushes up their cost, which is why not all banks offer it, while some offer it on select cards.

The advantage of this is that once the card is reported stolen or lost, the cardholder is not liable to pay for any transaction made on the card. In case of a debit card, the amount transacted will be restored to the cardholder's account.

While this is a given in some parts of the world, in India banks offer it selectively, says Uttam Nayak, group country manager for India and south Asia, Visa. The card company introduced this feature in India in 2004. There is no additional fee that the customer pays for this. “We realised that fraud was a big concern for customers,” he says.

ICICI Bank, HDFC Bank, Axis Bank and Standard Chartered Bank do offer this. But cardholders need to keep in mind the feature will not work in case of an automated teller machine or online transactions, since this requires the use of the PIN. It will work only if the card is used to swipe at a point of sales, at a shop or a merchant establishment.

Some banks may ask you for a written application with your card number, account number (in case of debit card) and date of loss of card; copy of the police complaint and copy of passport in case of a fraud abroad. While some banks insist the theft or loss should be reported within 24 hours for the facility to kick in, some allow up to 15 days.

While zero-liability as a policy is in countries like the US, in India it is not so. The Reserve Bank of India has indicated it would like to introduce a system whereby the customer would not be held liable in case of fraud transactions. But there has been no further guideline or further instruction from the regulator.

Thursday, May 30, 2013

This is how RuPay plans to battle with Visa and MasterCard


The National Payment Corporation of India (NPCI) has charted out a three year growth plan to expand base of its newly launched first ever indigenous payment gateway - Rupay. This in turn, is likely to give a good run for money to the multinational biggies like Visa or MasterCard. 

The National Payment Corporation of India (NPCI) has charted out a three year growth plan to expand base of its newly launched first-ever indigenous payment gateway - Rupay. This in turn, is likely to give a good run for money to the multinational biggies like Visa or MasterCard. It now plans to use its just-launched debit cards for online transactions.

RuPay market share is currently not so significant. However, our growth plan will make it a major rival force to other two existing players in next three-five years, A P Hota, Chief Executive Officer told

We have crossed initial two levels of growth for RuPay. In September, we will add internet acceptability to our existing RuPay debit card. We have already closed a deal with a US based IT-solution provider. Later in March 2013, we will issue RuPay-enabled international debit cards. Finally, we will launch RuPay credit cards in March, 2015, said Hota.

NPCI, promoted by 10 banks under the aegis of Indian Banks Association (IBA) had introduced RuPay enabled ATM cards in June, 2011. Two lakh ATM cards are already in the market. On March 26, 2012 it launched debit cards, which can be used in ATMs and different point of sales (PoS). So far, four banks including Union Bank of India, Bank of India, State Bank of India and Axis Bank have joined the network of RuPay debit cards. This means, a customer of any of those banks can use such debit cards.

NPCI, according to Hota, is in talks with ICICI Bank   and HDFC Bank  , the lenders with majority of PoS terminals. Together these two entitites own more than half of India's 6 lakh total PoS terminals. At present, RuPay is accepted in 2.10 lakh PoS terminals enabled by Axis Bank   and SBI  . Such terminals are kept in different merchant outlets wherein you can swipe your debit or credit card.

Both ICICI Bank and HDFC Bank are in the process of rebuilding the system. They have indicated joining the network in July. So, RuPay card's acceptance in all 6 lakh terminals is a time-taking affair, Hota said.

So, what lure banks to RuPay?

Answer: It is cost effective.

Banks have to pay less to the payment gateway provider. For example, banks have to pay nearly Rs 2 for a customer's transaction size of Rs 1,600 in RuPay network while the same is around Rs 2.80 with Visa or MasterCard.

Secondly, there is no entry fee for banks to enter RuPay network while lenders would have to pay around Rs 25 lakh each in case of other two providers.

Finally, banks need not pay a minimum quarterly fee in the RuPay network. However, the same fee would be in the range of Rs 10-30  lakh for other two major gateways. 

Moreover, RuPay helps in financial inclusion as many co-operative banks and regional rural banks (RRBs) are included in its network.

RuPay has just issued the debit card. They will have to build the customer base on this. We are looking at all options to join any payment network. Once the Rupay's commercial operation get fully functional, we will be able to compare the cost structure of different gateways, said a retail head of a large private sector bank, who does not wish to be named. 

RuPay impact: Banks eye to buy stakes in NPCI

Source :
Banks are eying to buy stakes in the National Payment Corporation of India, the nodal agency for the first-ever indigenous payment gateway  RuPay, which charges less to banks as compared to two others: Visa and MasterCard. Currently, five more banks (both public and private sectors) are looking to take ownership in the NPCI.

Banks are eying to buy stakes in the National Payment Corporation of India (NPCI), the nodal agency for the first-ever indigenous payment gateway  RuPay , which charges less to banks as compared to other two payment gateways: Visa and MasterCard. Currently, five more banks including Axis Bank , IDBI Bank , Central Bank of India , Standard Chartered Bank and Corporation Bank are looking to take ownership in the NPCI, an industry source familiar with the development told

NPCI was established in late 2009. In 2010 ten banks including State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC had picked up 10% stake each in the NPCI. Each bank had infused Rs 6 crore to bring in Rs 60 crore in total. The authorized capital has been pegged at Rs 300 crore

Narayana Murthy, former chairman, Infosys Technologies is the present chairman of NPCI as nominated by the Reserve Bank of India. An email sent to NPCI remained unanswered at the time of writing this article. has learnt that the top management of NPCI is not so keen in expanding its promoters base. It currently wants to focus more in generating business volume. Moreover, the existing banks are not in favour of increasing the number of promoters. Even, they are ready to bring in more capital to the organization.

The proposal is under discussion. We are hopeful to get the nod. If we have a say in their governance, we can also suggest in their product designing. RuPay will gradually emerge as a major payment gateway wherein all banks will subscribe, said a top official from the Central Bank of India.

Another top official from the IDBI Bank confirmed the development adding that the final decision is not yet taken. Emails sent to Axis Bank and Standard Chartered Bank did not elicit any response.

NPCI was incorporated as a section 25 company under the Companies Act. Hence, it is not bound to give any dividend or share of profit to its promoters. Rather, it has the mandate to redeploy any gains back into the business.

‘Rupay' ATM card planned for no-frills account holders

Global payment processing companies — MasterCard Worldwide and Visa Inc — had better sit up and take notice. An Indian rival is threatening to give them a run for their money.
The National Payment Corporation of India Ltd (NPCI) is trying to break the stranglehold of these companies in the payments space by seeking to launch home-grown ‘Rupay' ATM card for no-frills account (NFA) holders in association with banks.
As part of the financial inclusion drive, banks have been asked by the central bank to open NFAs, with nil or low minimum balances and charges, and have limited facilities such as small overdrafts.

NPCI is banking on its ATM switching infrastructure (the National Financial Switch) so that banks can issue ‘Rupay' cards, which will work only on ATMs and biometric micro ATMs.

Card issuance will begin in a couple of months. NFA account holders can draw money at the ATMs of any bank with the proposed cards. 

“As of now we are talking to four nationalised banks for introducing the Rupay ATM cards, which they will, to begin with, issue only to their no-frills accountholders. It will be a debit card which will work only on ATMs and biometric micro ATMs,” said Mr A.P. Hota, Managing Director and Chief Executive Officer, NPCI.

Unlike the huge fees that banks have to pay global payment companies for processing payments between the banks of merchants and the card issuing banks, the Rupay's unique selling proposition will be that banks will only have to bear the minimum charges, he explained.

“Banks will have to weigh whether to give ‘Rupay ATM cards' only to new customers or also to old customers. They will have to write to customers giving them the option to surrender existing cards and get new ATM cards. This itself is a big job,” said Mr Hota.

Referring to the fact that the country is large and the market big, the NPCI chief observed that there was place for all — Visa, MasterCard and Rupay as well — in the Indian marketplace.

“Ultimately, the winner would be the one who can offer the better product and better service at an affordable rate. If MasterCard and Visa can really provide service at an affordable rate, they will succeed. To beat NPCI or Rupay card, they might really lower their price drastically. And if they can sustain that for a decade, really NPCI is out. We have better things to do,” said Mr Hota.

RRB tie-up
NPCI will also be talking to 82 Regional Rural Banks (RRBs) to introduce the Rupay brand of ATM cards. This will enable RRB customers in the rural and semi-urban areas to also have the convenience of accessing modern banking channels.

NPCI is a non-for-profit company set up in 2009 as an umbrella institution at the behest of the RBI for managing all the retail payment systems in the country. 

It has 10 shareholders — State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.

Wednesday, May 1, 2013

'Desi' alternative to VISA, Mastercard from July

Come July this year, the National Payments Corporation of India (NPCI)'s RuPay debit card will go 'global' in a strategic tie-up with an American card issuer, Discover Financial Services (DFS) which will offer international acceptance of the card.

With this, RuPay will emerge as an alternative of international payment gateways like VISA or Mastercard and wants to make substantial difference in payment landscape.

In an interview to Deccan Herald, NPCI Managing Director & CEO A P Hota said both RuPay and the US firm DFS would stand to gain from this partnership due to extended distribution network of their respective cardholders. DFS is a banking and payments services firm that competes with payment companies such as Visa and MasterCard, even as it owns the card company Discover, Diners Club cards and Pulse ATM networks.
Unlike Visa and MasterCard, which partner banks to enable them issue cards with similar features, Discover adopts a philosophy of partnering local payment networks across the world, Hota pointed out.

“Also, the RuPay Card is leveraging upon EMV technology of Discover to issue global cards. Cards, terminal and host specifications for the RuPay global cards have already been released to the pilot-member banks. Issuance of RuPay global cards will commence in July with two banks,” he said.

Further, Hota said NPCI has spent over Rs 100 crore on RuPay card scheme infrastructure which is geared to serve all customer segments, across payment channels and form factors.  RuPay, according to him, has clearly defined product roadmap keeping both domestic as well as international needs of prospective customers and banks. 

Under the strategic alliance, Hota added, NPCI and DFS have already announced operationalisation of acceptance of Discover and Diners’ Club cards in India on NPCI’s NFS (National Financial Switch) network. Accordingly, Discover and Diners Club cards now are accepted at over 85,000 DFS ATMs across the country, NPCI chief said. In the coming months, RuPay global cards will be issued and accepted on the Discover, Diners Club International and PULSE networks for international purchases and cash access outside India. This will be followed by the acceptance of Discover and Diners Club cards access at point-of-sale (PoS) terminals for purchases in the country.

NPCI started its services providing cheaper access to third-party ATMs by setting up a network with very low transaction charges coupled with strong support from the Reserve Bank of India. Giving a macro perspective, Botha said, so far 25 commercial banks, 25 regional rural banks, and 30 urban co-operative banks have issued over 1.5 million RuPay cards.  From readiness perspective, all the ATMs in the country are integrated with RuPay.
On financial data, Hota said the project was initially conceived by the RBI and was taken forward for implementation by Indian Banks Association in March 2012.

"We would be able to break-even in this project in five years from when we commenced, which is by financial year 2017-18."  NPCI Board is headed by Infosys Technologies' emeritus chairman N R Narayanamurthy with nominees drawn from RBI and 10 core promoter banks -- State Bank of India, Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, ICICI Bank, HDFC Bank, Citibank, HSBC.