NPCI ‘empowers’ over 200 district central co-operatives banks with RuPay cards

NEW DELHI: Domestic retail payments umbrella bodyNational Payments Corporation of India (NPCI) today announced that it has introduced over 200 district central co-operative banks to the RuPay Debit Card network.

With this development, NPCI claims to have digitised about two-thirds of 675 districts in the country through its network of Regional Rural Banks (RRBs), State Cooperative Banks, Urban Cooperative Banks and Scheduled Cooperative Banks with electronic payment mechanisms.

Major states covered include Maharashtra, Uttar Pradesh, West Bengal, Uttarakhand, Andhra Pradesh, Bihar, Karnataka, Gujarat, Kerala, Odisha, Haryana, Himanchal Pradesh, Chhattisgarh, Punjab, Rajasthan and Telangana.

“RuPay’s customised services are aimed to transform our cash dependent economy. It addresses the need of Indian consumers, merchants and banks. NPCI is fully aligned with the RBI’s Vision of building a ‘Less Cash India’,” said A P Hota, MD & CEO, NPCI.

Over 280 million, RuPay card holders have an access to 2.2 lakh-plus ATMs and over 1.2 lakh Point of Sale (PoS) terminals across the country.

District central cooperative banks are vital banking pillar that holds together the tier-3 credit structure comprising of Primary Agriculture Credit Socieites (PACs) & State Cooperative Banks.
“They are the most localised financial institutions, mandated to serve the local banking requirements. They are instrumental in providing financial support / capacity building to the agriculture sector and other local cooperative societies,” according to a statement.
NPCI, which controls 35% of the debit card market in terms of volumes, expects to launch its much-delayed credit card by year-end.