PRADHAN MANTRI JAN-DHAN YOJANA (RuPAY CARD)

This is a bundle of Anywhere Anytime payment services which are – (a) Simple and easy to use (b) Safe and secure (c) Fast and cost effective To integrate and consolidate all retail payment systems such that they are: (a) Inclusive, (b) Customer friendly, (c) Varied yet simple, (d) Universally accessible, (e) Available round the clock, (f) Affordable to all, (g) Fully automated, (h) World class

Why was “RuPay” conceptualized? The need for a domestic payment card “RuPay” card is on account of two factors: (a) the high cost borne by the Indian banks for affiliation with international card associations in the absence of a domestic price setter and (b) the connection with international card associations resulting in the need for routing even domestic transactions, which account for more than 95% of the total, through a switch located outside the country.

Advantages of RuPay over Visa and Master Cards RuPay, which aims at promoting financial inclusion, is set to rewrite the rules of the electronic payment system in India. Unlike Visa and MasterCard networks, it does not charge an entry fee. RuPay has come as a boon not just for the rural and semi-urban population but also for customers in metros. The need for RuPay is on account of the high cost borne by Indian banks for affiliation with international card associations in the absence of a domestic price setter. RuPay is pin supported, which makes it more secure against fraud.

Is “RuPay” approved by the RBI? NPCI has been granted approval to launch the “RuPay” affiliated cards for use at ATMs and Micro ATMs. NPCI has been advised to ensure that the use of the RuPay Aadhaar cards under the Aadhaar Enabled Payment System (AEPS) is in strict compliance with the DBOD guidelines on Business Correspondents (BCs).

What are the main features of a RuPay card?

• RuPay is well equipped to handle both the single message and dual messaging
systems.
• RuPay is a Pin based product so it provides enhanced security
• It offers complete web based architecture, so member banks will not have to
develop a file based interface.
• RuPay provides advanced features such as processing of adjustment file to enable Tip and Surcharge processing on the SMS platform too.
• Administration costs & quarterly charges are very low when compared to current
international schemes and there is no entry fee.

How many variants of the RuPay Cards are available? As of now there are three variants of RuPay Cards. a) RuPay Debit Card, b) RuPay Kisan Card, (c) RuPay Aadhaar Card

Where can a customer use the RuPay DebitCard? The RuPay Debitcard can be used at any of the 1,00,000+ ATMs under the NFS network and 1,00,000+ PoS machines at various Merchant establishments.

What are the services presently available for the RuPay Debit Card? The following services are available on the RuPay Debit Card currently:
(a) Cash withdrawal, (b) Balance enquiry, (c) PIN Change, (d) Mini Statement, (e) Purchase at Merchant Establishments, (f) Cash at PoS

Author: mahesh3006

A retired development banker with strong bias towards rural development through microcredit