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:: NPCI in News
 
Jan Dhan Yojana opens a new door for RuPay gateway- BL
 
Jan Dhan Yojana be a gamechanger- M Balachandran: CNBC TV18
 
Narendra Modi Govt, NPCI to foot Jan Dhan Yojana insurance premium bill - FE
 
IDBI Bank to open 2 lakh accounts on Aug 28, RuPay cards will be given to customers- ET
 
PM to launch Jan Dhan Yojana on Aug 28: 1 crore bank accounts to be opened with giving RuPay cards- DNA
 
Jan Dhan Yojana: Personal Accident cover doubled to Rs 2 lakh- ET
 
Insurers in talks with NPCI to offer cover under Inclusion- Moneycontrol.com
 
Personal accident cover under Jan Dhan Yojana doubled to Rs 2 lakh- Business Today
 
HDFC Ergo to offer Insurance cover to RuPay cardholders for 3 years- ET
 
Telecom companies agree on basic banking services through SMSes, NPCI launches NUUP- ET Page-1
 
RuPay set to give Visa, MasterCard a run for their money in India- FE
 
BMB rolls out RuPay EMV Debit card- BL
 
BMB launches RuPay Debit card with EMV chip- BS
 
BMB Launches RuPay Debit card EMV chip- FC
 
BMB launches RuPay Debit card with EMV chip- The Statesman
 
BMB rolls out RuPay Debit card- Yahoo.com
 
RuPay cards to replace Aadhaar in welfare scheme authentication- ET
 
Five things you wanted to know about the RuPay card
 
IMPS supports Yes Bank and Transfast launches Instant Online Money Transfer service- Moneycontrol
 
Through IMPS, Yes Bank and TransFast launches Instant Online Money transfer service- BL
 
IMPS supports Yes Bank to launch instant online money transfer service -BS
 
IMPS supports Transfast and Yes Bank to Launch Instant Bank Deposits for Money Transfers to India - GN
 
RuPay to go global, take on card biggies- DNA
 
NABARD launches RuPay Kisan Cards- ET
 
No Visa or Mastercard, only RuPay will emerge out in India
 
Government asks PSU banks to issue RuPay debit cards to customers, install POS terminals
 
Rupay Kisan Credit Card Scheme to start from July 12
 
Xoom Announces Instant Overseas Remittance Facility to India, Powered by IMPS (Immediate Payment Service) - an NPCI Initiative
 
Xoom Announces Instant Overseas Remittance Facility to India, Powered by IMPS (Immediate Payment Service) - an NPCI Initiative
 
Xoom Announces Instant Overseas Remittance Facility to India, Powered by IMPS (Immediate Payment Service) - an NPCI Initiative
 
Now, transfer funds from US to Indian bank accounts instantly
 
Xoom Announces Instant Overseas Remittance Facility to India, Powered by IMPS (Immediate Payment Service) - an NPCI Initiative
 
Xoom Announces Instant Overseas Remittance Facility to India, Powered by IMPS (Immediate Payment Service) - ...
 
SBI, ICICI, HDFC AMONGST 20 TO GET NPCI’S INWARD REMITTANCE NOD BY JULY-END
 
Remit Funds From U.S. To Indian Bank Accounts Instantly
 
XOOM Annouces Instant Overseas Remittances through IMPS.
 
UBI offers merchant payment service on mobile phones
 
President of India dedicates RuPay card to the nation- ET
 
President to dedicate indigenous card payment network RuPay- IBN LIVE
 
President to dedicate indigenous card payment network- ToI
 
President dedicates India’s own card scheme to the nation - BS
 
Soon you can use the RuPay platform to shop abroad, book railway tickets- BL
 
President to dedicate RuPay to the nation – The Hindu
 
President to dedicate indigenous card payment network RuPay- asian
 
President to dedicate indigenous card payment network RuPay- IF
 
President to dedicate indigenous card payment network RuPay- BW
 
President to dedicate indigenous card payment network RuPay- Zee News
 
President to dedicate indigenous card payment network RuPay- Tsm
 
President to dedicate indigenous card payment network RuPay- Tst
 
Axis Bank offers crop loans at ATMs on RuPay Kisan card- HBL
 
Axis bank launches RuPay 'Kisan Card'- ET
 
Axis Bank launches RuPay Kisan Card- Zee News
 
1. m-Pesa joins Immediate Payment Service (IMPS) - BL
 
Kalupur Bank becomes first Cooperative to launch RuPay in Gujarat
 
NPCI co-organises E-BAAT Program, focuses on future banking transactions
 
NPCI appoints FIME for RuPay certification
 
Axis Bank launches Aadhaar-based eKYC facility for rural banking - ET
 
Axis Bank, the first bank to launch Aadhaar-based eKYC facility for rural banking- BS
 
Axis Bank introduces eKYC micro ATM facility- HBL
 
NPCI is leveraging NFS for routing payments of Aadhaar, says M Balachandran - CNBC TV18
 
RuPay card to benefit Farming Community- BL
 
Primay Agri Co-op Societies to operate RuPay card in Dakshina Kannada- BL
 
Why suspending DBT scheme would be a retrograde step : By A P Hota – ET Guest Column
 
RuPay Card base to touch 25 mn by Mar: NCPI
 
RuPay Card base to touch 25 mn by Mar: NPCI- ET
 
‘RuPay Cards to reach 25 m’- MSN
 
Soon, Tap-and-go cards for small value payments- DNA Money
 
Payments made via Aadhaar crosses one crore mark- BS
 
NPCI’s Aadhaar-based transactions- BL
 
Payments made via Aadhaar crosses one crore-mark in December- ET
 
Payments made via Aadhaar crosses one crore-mark in Dec- Siasat Urdu
 
Payments made via Aadhaar crosses 1 cr-mark in Dec
 
Chipping In For Safety- Business World
 
M Balachandran takes over as new Chairman of NPCI Board- BL
 
HDFC Bank, NPCI tie up for Aadhaar eKYC- ToI
 
Mobile payments gain currency
 
CTS cheques become mandatory after Nov 30
 
Cheque clearance made easy in Bhopal – ToI
 
Now, Aadhaar-linked accounts to be basis for mobile payments – BS
 
Aadhar Increases Convenience Dramatically: Nilekani – Outlook India
 
Six banks sign up for Aadhaar-based remittance – BS
 
Six banks sign up for Aadhaar-based remittance- HBL
 
Punch in recipient's Aadhaar number to transfer funds – ET
 
NPCI We are trying to become a less-cash society - ET
 
13 central schemes under DBT for direct cash transfer- TOI
 
Reaching out to farmers, the electronic way- Mint
 
IMPS Now, donate to the Gods on the go - BL
 
NPCI introduces RuPay to Indian eCommerce
 
RuPay Goes Online- BL
 
Aadhaar, chip & pin need to coexist' says NPCI's MD & CEO - ToI
 
NPCI launches e-commerce solution in RuPay Card - Zee News
 
NPCI launches e-commerce solution in RuPay Card - BS
 
National Payments Corporation launches e-commerce solution in RuPay Card - ET
 
RuPay cards can be used online - TOI
 
NPCI unveils RuPay PaySecure service - BL
 
Aadhar Payment Bridge of NPCI facilitates LPG subsidy scheme roll out successfully
 
ET- RuPay Card crosses 3 million mark, to be e-commerce-ready by May-end
 
NPCI's IMPS platform helps Oxicash to introduce first independent wallet facility in the county
 
IMPS helps OxiCash to become country's first independent wallet facility
 
NPCI supports OxiCash to offer first non bank mobile wallet facility
 
'Desi' alternative to VISA, Mastercard from July
 
HSBC activates NACH debit platform
 
ET- Federal Bank launches RuPay brand Debit card
 
BS- Federal unveils RuPay Debit card
 
BL- Federal Bank in RuPay League
 
Jawans feel more secure with IMPS- DNA
 
ET- NPCI ties up with Discover Financial to go global
 
FE- RuPay global cards by July
 
IBN Live- RuPay goes global with Discover Financial
 
NPCI to launch RuPay global card by July
 
NPCI ties up with Discover Financial
 
NPCI's RuPay gets global access
 
RuPay Card gains acceptance for online transactions
 
Punjab government to make online payment to commission agents
 
Wheat procurement begins today, Arthias to get payments online
 
Punjab govt to make online payment to commission agents
 
NPCI flags data hurdle to Direct cash transfers scheme.
 
Aadhar Enabled Payment Bridge empowers Akshaya Project in T'puram.
 
RuPay card gains momentum in Rural India- NABARD
 
Aadhaar Payment must be basis for direct benefit transfers
 
Tips to remit funds through IMPS
 
Pay your auto fare via mobile,
 
Mint report on Feb 13
 
NPCI seeks to end pricing stalemate with telcos
 
ATM network crosses 1-lakh mark
 
Federal Bank rolls out mobile fund transfer facility to merchants
 
Atom Technologies introduces mobile payment service
 
Anytime Anywhere Banking
 
Task Force on an Aadhaar Enabled Unified Payment Infrastructure Submits Report to Finance Minister;
FM Calls for Upscaling and Implementation of Pilot Projects in More Areas
 
NPCI's RuPay debit cards to rival Visa and Mastercard
 
NPCI revises PoS terminal transaction fees
 
Mobile banking set to become user-friendly
 
All PoS Terminals will Start Accepting RuPay Cards by Jan, says NPCI CHIEF
 
RuPay cards to be acceptable at all PoS terminals by Jan
   :: Payment and Settlement Systems
 

Second Quarter Review of Monetary Policy for the Year 2009-10
By
Dr. D. Subbarao
Governor

VII. Institutional Developments

 
Payment and Settlement Systems
Guidelines for Pre-paid Payment Instruments in India
As indicated in the Annual Policy Statement of April 2009, SCBs and non-bank entities, which complied with the eligibility criteria, were permitted to issue pre-paid payment instruments. Furthermore, in August 2009, other entities were also permitted to issue mobile phone based semi-closed system pre-paid instruments for a maximum value of Rs.5,000.
Electronic Payment Systems
Between end-March 2009 and end-September 2009, the branch network of national electronic funds transfer (NEFT) enabled banks increased from 54,200 to 60,839 and the RTGS enabled branches increased from 55,000 to 60,144. The average number of daily transactions handled by the RTGS network increased from 80,000 to 90,000.
National Electronic Clearing Service
As indicated in the Annual Policy Statement of April 2009, the volume of transactions through national electronic clearing service (NECS), introduced in September 2008, is gradually increasing. As at end-September 2009, 114 banks with 30,780 branches have been participating in NECS.
Customer Service at ATMs
The Reserve Bank received a number of complaints from bank customers regarding debit of their accounts even though ATMs had not disbursed cash for various reasons. In order to improve customer service, the Reserve Bank advised all banks to reimburse to the customers the amount wrongfully debited on account of failed ATM transactions within a maximum period of 12 days from the date of receipt of customer complaint. In case a bank fails to re-credit the customer’s account, it is required to pay compensation of Rs.100 per day to the aggrieved customer. The amount of compensation is credited to the customer’s account on the same day the bank credits the amount of the failed ATM transaction.
Facility to Use ATMs of other Banks: Rationalisation
The Reserve Bank had advised that customers could use the ATMs of other banks for cash withdrawal free of charge with effect from April 1, 2009. This led to a quantum increase in ATM transactions, especially small value cash withdrawal transactions, which tended to impair the viability of operations. The Indian Banks’ Association (IBA), therefore, approached the Reserve Bank with suggestions to rationalise the facility in order to achieve a balance between optimising customer convenience and mitigating operational difficulties. Taking into account all the relevant issues, the Reserve Bank agreed to the IBA’s suggestions of:

(i) extending the access of ATMs of other banks to only customers having savings bank accounts;
(ii) pegging a cap of Rs.10,000 per withdrawal at ATMs of other banks; and
(iii) permitting only five free transactions per month at ATMs of other banks. These instructions came into effect from October 15, 2009.
Mobile Payments
With the issuance of the operative guidelines for mobile payments on October 8, 2008, the Reserve Bank has so far granted approval to 32 banks to provide mobile banking facilities to their customers.
Cheque Truncation System
The Annual Policy Statement of April 2009 indicated that the Reserve Bank will continue to take steps towards extending the cheque truncation system (CTS) across the country. In pursuance of this, effective July 1, 2009, all cheque volumes at New Delhi migrated to CTS and accordingly magnetic ink character recognition (MICR) clearing (both at SBI and the Reserve Bank) was discontinued. Furthermore, action to roll-out CTS at Chennai has been initiated and it is proposed that New Delhi and Chennai would act as backup for each other. With effect from July 1, 2009, a fee of Rs.0.50 per instrument each from the presenting bank and from the paying bank in the CTS has been introduced. Presently, CTS is handling around 6,00,000 instruments every day.
Cash Withdrawal at Point-of-Sale (POS)
Cash is predominantly used for small value payments and as such there is always a need for availability of currency. The use of debit cards at point-of-sale (POS) terminals at different merchant establishments has been steadily on the rise. The number of POS terminals in the country at the end of August 2009 was 4,87,024. As a further step towards enhancing customer convenience in using plastic cards, cash withdrawals up to Rs.1,000 per day at POS terminals have been allowed for all debit cards issued in India.
The Payment and Settlement Systems Act, 2007
As indicated in the Annual Policy Statement of April 2009, all payment system providers/operators, including credit card issuing companies and entities engaged in money transfer activity, require authorisation as per the Payment and Settlement Systems Act, 2007. Accordingly, 30 payment system service providers providing service in India have been granted certificate of authorisation by the Reserve Bank by end-September 2009.
 
 
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