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Modi: Aim to takeRuPay cards on a global level
New Delhi (28th August, 2014): Aiming to take 'RuPay' cards to the international level, Prime Minister Narendra Modi on Thursday said the success of financial inclusion scheme Jan Dhan Yojana will pave way for its global acceptance.
Under the Jan Dhan scheme launched on August 28, banks will provide every account holder a 'RuPay' debit card with inbuilt Rs 1 lakh accident insurance.
"... We are all aware globally about the popular Visa Card. Should we not also aspire that our 'RuPay' card becomes acceptable all over the world? Should it not also have the same credibility? After today's event, it looks like there is full possibility," Modi said after inaugurating the scheme.
The RuPay platform — developed by National Payments Corporation of India (NPCI) — is already being used by certain banks like ICICI, State Bank of India, Punjab National Bank, among others, for clearings and settlements. RuPay, which works on three channels — ATMs, Point of Sales (POS) and online sales, is the seventh such payment gateway in the world. With crores of poor people getting access to 'RuPay' debit cards, the divide between the rich and the poor will be bridged, he said, adding "like the rich people uses the debit card, now the poor too will have debit card."