Professional Documents
Culture Documents
Bank Terms R
Bank Terms R
Term
RBI
Details
Raghuram govind Rajan NewGoverner Dy
Governers ,Mr Urjrit Patel,R.Gandhi, Harun Rashid
Khan , S.S.Mundra
Security Exchange Board of India
Insurance Regulatory Development Authority
Small Industries Development Bank of India
State Bank of India, 1st July1955 Arundhati
Bhattacharya chairman there are 4 MDs
Opened on 19th Nov2013 With one thousand capital.
Modified on14OCT2014
Hilton young commission
Established on 1/4/1935
B Prasad Rao
Reverse Repo
Rate
Bank Rate
MSF
CD Ratio
EFT
RTGS
NEFT
ECS
MICR
E-cheque
E-commerce
CBS
SEBI
IRDA
SIDBI
SBI
Bhartiya Mahila
bank
BHEL
CCI
ONGC,SAIL
and IOC,NTPC,
BSE
NSE
MCX SX
NCFM
AMFI
Nifty
Sensex
SLR
CRR
Repo Rate
ATM
U.K Sinha
T.S.Vijayan
N.K.Maini
Shri A. Krishna Kumar, Shri P. Pradeep
Kumar, Shri.B.Sriram,, Shri.V.G.Kannan
Ashok Chawala
Bhel, Gail and Coal India too
granted Maharatan
Mr. S. Ramadorai
Non-Executive Chairman
March2014
Dr. Card
Cr. Card
VISA Card
Master Card
Maestro Card
RU- PAY
Swift
FERA
FEMA
16 Digit
16 Digit
19 Digit
16 digit
Mode of International Payment
System
1973
1999
2
Import
Export
EXIM Bank
DGFT
IEC
BL
Dollar $
Euro
Pound
YEN
Rs.
Takka
Pakistani Rs.
Shrilankan
Baht
Dirham
Yuan
Rend
Cruzerio
CASA
RD
FDR
American Currency
European Countries Currency
Great Britain Currency
Japan Currency
Indian Currency
Bangladesh Currency
Pakistan Currency
Shri Lanka Currency rupee
Thailand
UAE
China Currency
South Africa
Brazil
current account and savings account
deposit of fixed amount in monthly installment
Fixed deposit receipt
simple interest
compound
interest
BEP
CR
Quick ratio
DER
DSCR
depreciation
cost of deposit
Yield
NIM
NPA
ROA
ROE
CRAR
return on assets
return on equity
capital to risk weighted asset ratio tier I now
proposed to 9% as per Basel III
BASEL committee is named after a place in
Switzerland for recommending international standard
for banking . Basel III will start from 1st April 2013
world trade organization for framing rules for trade
between nations,Roberto Azevdo director general
free trade agreement/arrangement
International bank for Reconstruction and
development , IBRD and IDA are part of it
International monitory fund
brazil Russia, India, china south Africa, setting up$
100 Bn Development Bank in Shanghai to be head by
Indian chair man
gross domestic production of Service and
Manufacturing and service sector
per person average income
BASEL
WTO
FTA
world bank
IMF
BRICs
GDP
per capita
Yaduvendra Mathur
Also Remibi
Earlier real
Low cost deposit
Recurring deposit
Minimum7 days and maximum
10 years
3
income
BPL
NABARD
PIIGS
ADR
GDR
IDR
IBA
FII
DII
FDI
SWOT
KCC
Biometric ATM
UIDAI
ASCB
GST
Vat
Direct tax code
MNREGA
GAAP
IFRS
Red harry
prospectus
Pink slip
ICICI bank
HDFC BANK
AXIX BAN
NAV
Stale cheque
Post dated
cheque
Mortgage
Equity
mortgage
Fiscal deficit
Trade deficit
Indianbudget
2014-15
Naxalite
movement
BC
BF
Junk bond
Turnkey project
As per C Rangrajan
committee
Harsh Kumar Bhanwala
Economically trouble d and
Poorly managed countries
In place stocks
First IDR by stan chart bank
T.M. Bhasin
Hot money
Asper KC Chakraborty
committee 2012 now linked to
ATM
ADHAR
146
Bill presented in parliament
on22March2011
Bill PENDING IN
PARLIAMENT
Started 2nd Feb. 2006,M
started in 2009
International Accounting
Standards Board (IASB
It has black clause of value
shares
Chanda Kochar CEO
MD ADITYA PURI
MD CEO SIKHA SHARMA
Related to mutual fund
Its required revalidation
Can not be paid before
In bank it is Equitable
mortgage
Green energy
Rating
agencies
Ombudsman
KYC
3 G Spectrum
Green banking
Sweet equity
Dumping and
anti dumping
EU
OPEC
SAARC
Tax heaven
countries
Chief justice
MAT
Current
Account deficit
Wiki pedia file
MSME2006
ESOPs
Bermuda Mauritius
8countries..India,Sri lanka,
pakistan,Bangla
desh,Afghanistan,bhutan,Nepal
and Maldives
SARAFAESI
DIPP
CSR
Amitabh Kant
Company should spend some
share of profit on social cause
LC
5
BG
ISI
Raw
CIA
AFSPA
PIL
Nat grid
USE
Reverse
Mortgage loan
Lt Gen Zahir-ul-Islam
Alok Joshi
John
O.
DIRECTOR
Brennan
BIMARU
BIHAR, MP. RAJASTHAN UP emerging state
Fiat money
money that the government declares to be legal
tender although it cannot be converted into standard
specie
CBDT
Chairman k.v.Choudhary
Central board for direct taxes
CVC
Pradeep Kumar
Central vigilance commission
C IC
Chief Information Commissioner
in
Finance Sec
Arvind Maya Ram
Islamic banking
Banking as per Islamic Law (sharia) no interest paid
or charged
Blood money
Money paid to family of murdered person as per
Islamic law for acquittal
Ru pay
Now RBI has permitted to national payment
corporation of India to issue ATM cards in India with
this name ,completely dedicated on 14th March2014
by president
GAAR
SREP
6
FSC
Financial service commission on Basel
DLR
Deferred lending rate
APEC
There are 21 countries for economic cooperation
Earth hour
CACP
Ashok Gulati
Commission for agriculture cost and price
CECA
Comprehensive economic cooperation agreement
between India and Singapore
CEPA
Comprehensive Economic Partnership Agreement
FSDC
Financial stability and development council
VOIP
Voice over Internet protocol
IIP data
Index of Industrial production
Bear / bull
EMI
Universal
banking
ISRO
CBEC
CIBIL
Foreign sec
AIR CHIEF
Green field
project
Attorney Gen
Solicitor Gen
ITR
ICAI
Home Sec
Sec Financial
services
LLP
CERSAI
FSLRC
G20 countries
DR.Radhakrishanan present
chair man ,
M.V.Nair
Mukul nRohatgi
Ranjit Kumar
Income tax return
Institute of Charted Accountant Of India
Anil Goswami
G.S. Sandhu
Limited Liability partnership Act 2008
Central registry for home loan
Financial sectror legal reforms committee
Group of Twenty) is a group of finance
ministers and central bank governors from 20
major economies: 19 countries plus the
Sahaj Sugam
7
Damodaran
committee
Khandelwal
committee
CRAFICARD
FMC
IFCI
Chairman of
OBC
ST commi
SC commi
OBU
European Union
On customer service in banks
On HR issues in banks
The Committee to Review Arrangements for
Institutional Credit for Agriculture and Rural
Development (CRAFICARD) set up by the RBI
under the Chairmanship of B Shiv raman
Forward market commission
Industrial finance corporation of india
Mr Chattar singh
Recommended Nabard
Ramesh Abhisek
S.V.RANGANATHAN
Rmeswar otrav
P.L.Punia
An Offshore Banking Unit (OBU) of a bank is a
deemed foreign branch of the parent bank
situated within India, and shall undertake
International Banking business involving
foreign currency denominated assets and
liabilities
Neer
Nominal effective exchange rate
Reer
Real effective exchange rate
P5 ountries
P5+1 Germany
Permanent members having veto power in UNO
PLR
Prime lending rate
Base rate
Minimum lending rate
Narrow
banking
CD
Certificate of deposits issued by banks in round of Rs1lac
CP
ARC
Assets reconstruction companies
Noble prize
award
Alfred Nobel.
Worth 8m kronor (690,000) each, the
Nobel prizes are always handed out on 10
December, the anniversary of Nobels
death in 1896. As well as the prize money,
each laureate receives a diploma and a
gold medal.
The physics, chemistry,
physiology/medicine, literature and peace
prizes were first awarded in 1901, while
the economics prize was created in 1968.
Nobel, a wealthy Swedish industrialist
who invented dynamite, provided few
directions for how to select winners,
except that the prize committees should
reward those who have conferred the
greatest benefit to mankind.
Market Cap
Reserve
capital
IB
CBI
DIPP
FIPB
DBT
DRDO
White level
ATM
BCSBI
Vsat
FICCI
ASSOCHAM
FTSE
Dow jone
S&P500
Nikki 225
CAC
DAC
Army chief
Chief
launches IndicashA.C.Mahajan
Sidharth K Birla
Rana kappor
9
justice
Hussain Jillani
IDRBT
Questions on banking
10
Generally, if a cheque is to be paid within the same city (local cheque), it would take 2-3 days. In some large
cities, there is a system called High Value Clearing which facilitates completion of cheque clearing cycle on
the same day and the customer depositing the cheque is permitted to utilise the proceeds next day morning.
However, coverage of this High Value Clearing is very limited and usually available at the branches in the
main business area; say Fort and Nariman Point area in Mumbai and Connaught Place in New Delhi.
In the case of outstation cheques, the time taken would vary from three to ten days. Banks generally publicise
their cheque collection policy so that customers have an idea as to when the proceeds would be available for
utilisation by the customer. For delay beyond the pre-announced period, the banks are required to
compensate the customer (even without customer asking for the same).
Interestingly, there was a complaint filed by Shri Atul Nanda and Another in 2006 before the National
Consumer Disputes Redressal Commission, New Delhi. It was alleged in the complaint (C.C. No. 82 of 2006)
that there was loss to the consumers because of 'floating fund' in the cheque clearing mechanism. The
National Consumer Disputes Redressal Commission, New Delhi issued a show cause notice to the Reserve
Bank of India in response to which the Reserve Bank of India filed a reply affidavit on November 09, 2006. In
its reply affidavit the Reserve Bank of India explained the steps it had taken in the recent times to minimise the
alleged loss to the consumers because of 'floating fund'. As directed by the National Consumer Disputes
Redressal Commission, New Delhi the full text of the reply affidavit filed by the Reserve Bank of India is
placed here.
8. Would a bank customer incur any charges by using cheques for payments?
The person receiving payment by means of cheques would incur some charges to realise the funds through
his/her bank. In case of local cheques, no charges are levied. In case of outstation cheques, the bank would
take some processing / collection charges depending upon the amount of the cheque and the place from
where it has to be realised. The charges levied by the banks are generally decided by the banks themselves.
Banks are also required to publicise the schedule of service charges.
9. How can payments be made without use of cheques and cash?
Payments can be made between two or more parties by means of electronic instructions without the use of
cheques. Retail payment mechanisms available to facilitate such payments are the Electronic Funds Transfer,
Electronic Clearing Service, credit / debit cards etc.
10. Can a customer of a bank use the ATM of some other bank?
Yes, if the customers bank has an arrangement with the bank owning the ATM. Presently, stand alone ATMs
are very few and usually such stand alone ATMs are installed at the branch premises. In case ATM of another
bank is used, normally a service charge called 'inter-change fee' is levied on the customer.
11. Are ATMs used only for cash withdrawal?
In addition to cash withdrawal, ATMs can be used for payment of utility bills, funds transfer between accounts,
deposit of cheques and cash into accounts, balance enquiry and several other banking transactions which the
bank/s owning the ATM's might want to offer.
12. What is the role of credit / debit cards in payment systems?
Credit / Debit cards are being widely used in the country as they provide a convenient form of making
payments for goods and services without the use of cheques and cash. Banks issue credit cards to their
customers. The merchant establishment who accepts credit / debit card payments will claim the amount from
the customers bank through his own bank.
13. How is a Debit Card different from Credit Card?
Debit Card is a direct account access card. (Amount transacted gets debited immediately). The amount
permitted to be transacted in debit card will be to the extent of the balance standing to the credit of the card
users account. On the other hand, a credit card involves provision of credit to the card user. The card user
settles the bills on receipt either in full or partially in installments.
14. What is NEFT/EFT?
10
11
National Electronic Funds Transfer/Electronic Funds Transfer (NEFT/EFT) is a system whereby anyone who
wants to make payment to another person / company etc. can approach his bank and give instructions /
authorisation to transfer funds directly from his account to the bank account of the receiver / beneficiary.
Complete details such as the receivers name, bank account number, account type (savings or current
account), bank name, city, branch name, etc., should be furnished to the bank at the time of requesting for
such transfers so that the amount reaches the beneficiaries account correctly and faster.
15. Can I use NEFT/EFT to transfer funds anywhere in India?
As of now, NEFT/EFT facility is available for transfer of funds electronically between more than 18500 bank
branches. The details of the cities and branches can be had from the respective banks as also from the RBI
website.
16. How long does it take to transfer funds through NEFT/EFT?
Funds transfer normally takes place on the same day or at the most the next working day depending upon the
time of requesting / effecting such funds transfers. The customer should confirm this aspect from his bank at
the time of requesting the funds transfer.
17. Are there any charges for transferring funds through NEFT/EFT?
The banks generally charge some processing charges for NEFT/EFT just as in the case of other services like
demand drafts, pay orders, etc. The actual charges depend upon the amount and the banker-customer
relationship. However, for the present, the RBI has waived all its processing charges on NEFT/EFT that were
being recovered from the banks for processing such funds transfer transactions at the clearing houses run by
RBI. This has certainly reduced the processing cost for the banks also.
18. How can I make use of Electronic Clearing Service for receiving funds / making payments?
Electronic Clearing Service (ECS) is a retail payment system that can be used to make bulk payments /
receipts of a similar nature especially where each individual payment is of a repetitive nature and of relatively
smaller amount. This facility is meant for companies and government departments to make/receive large
volumes of payments rather than for funds transfers by individuals. The ECS facility is available in 64 centres
across India operated by RBI at places where it manages the clearing houses and by SBI and other public
sector banks in other centres. The ECS is further divided into two types ECS (Credit) to make bulk
payments to individuals/vendors and ECS (Debit) to receive bulk utility payments from individuals.
19. What is ECS (Credit)?
Under ECS (Credit) one entity / company would make payments from its bank account to a number of
recipients by direct credit to their bank accounts. For instance, companies make use of ECS (Credit) to make
periodic dividend / interest payments to their investors. Similarly, employers like banks, government
departments, etc make monthly salary payments to their employees through ECS (Credit).Payments of
repetitive nature to be made to vendors can also be made through this mode. For this purpose, the company
or entity making the payment has to have the bank account details of the individual beneficiaries. The
payments are affected through a sponsor bank of the Company making the payment and such bank has to
ensure that there are enough funds in its accounts on the settlement day to offset the total amount for which
the payment is being made for that particular settlement. Sponsor bank is generally the bank with whom the
company maintains its account.
20. What is ECS (Debit)?
ECS (Debit) is mostly used by utility companies like telephone companies, electricity companies etc. to
receive the bill payments directly from the bank account of their customers. Instead of making electricity bill
payment through cash or by means of cheque, a consumer (individuals as well as companies) can opt to
make bill payments directly into the account of the electricity provider / company / board from his own bank
account. For this purpose, the consumer has to give an application to the utility company (provided the
company has opted for the ECS (Debit) scheme), providing details of bank account from which the monthly /
bi-monthly bill amount can be directly deducted. Such details have to be authenticated by the bank of the
customer who opts for making payments through this mode. Once this option is given, the utility company
would advise the consumers bank to debit the bill amount to his account on the due date of the bill and
transfer the amount to the companys own account. This is done by crediting the account of the sponsor bank
which again is generally the bank with which the company receiving the payments maintains the account. The
actual bill would be sent to the consumer as usual at his address as before.
11
12
21. Are there any charges for using the ECS?
Reserve Bank of India has exempted levy o fall charges for processing ECS at the clearing houses. The
banks, however, are free to charge a fee from their corporate customers for use of this facility.
22. How can an NRI remit money into India?
As an NRI, an individual can remit funds into India through normal banking channels using the facilities
provided by the overseas bank. Alternately, an NRI can also remit funds through authorised, Money Transfer
Agents (MTA). Of late, a good number of banks have launched their inward remittance products which
facilitate funds transfer in matter of hours.
23. How do banks make payments for their own transactions?
Ordinarily, the transactions among banks (not pertaining to customer transactions) would be for large
values .Hence such transactions are called as large-value funds transfers. The actual transfer of funds will
take place through the accounts which the banks maintain with the RBI. For this purpose, banks can give
cheques drawn on their account maintained with RBI to one another, which will then be processed through the
clearing house. Alternatively, they can also make use of large value payment system called as Real Time
Gross Settlement System where funds transfer takes place instantaneously, based on electronic instructions
just like NEFT/EFT in the case of individuals and companies.
24. What is Real Time Gross Settlement System?
Real Time Gross Settlement (RTGS) system, introduced in India since March 2004, is a system through which
electronic instructions can be given by banks to transfer funds from their account to the account of another
bank. The RTGS system is maintained and operated by the RBI and provides a means of efficient and faster
funds transfer among banks facilitating their financial operations. As the name suggests, funds transfer
between banks takes place on a real time basis. Therefore, money can reach the beneficiary instantaneously
and the beneficiarys bank has the responsibility to credit the beneficiarys account within two hours.
25. Can individuals make payments through RTGS system?
Yes, individuals can transfer funds through RTGS system through their banks. Though the system is primarily
designed for large value payments, bank customers have the choice of availing of the RTGS facility for their
time critical low value payments as well. A customer who desires to use this facility should approach his bank
to find out whether his own bank branch as well as the beneficiarys bank branch is enabled to transfer funds
through RTGS system. Banks may levy charges for such funds transfers at their discretion and based on the
customer-bank relationship. However, RBI has decided that small value customer transaction of up to Rs. 1
lakh would be migrated to NEFT/EFT.
26. What is Cheque Truncation?
Cheque Truncation is a system of cheque clearing and settlement between banks based on electronic
data/images or both without physical exchange of instrument.
27. How would Cheque Truncation benefit the bank customers?
The bank customers would get their cheques realised faster as same day (for local cheques) or next day (for
outstation cheques) clearing is possible in Cheque Truncation System (CTS). As straight through processing
and automated payment processing are enabled by CTS faster realisation is accompanied by a reduction in
costs for the customers and the banks. It is also possible for banks to offer innovative products and services
based on CTS. The banks have additional advantage of reduced reconciliation and clearing frauds.
28. What is the role of RBI in payment systems?
The RBI, apart from the role of regulator and supervisor of payment systems, plays the role of a Settlement
Bank apart from being a catalyst, an operator and a user. The RBI has been taking initiatives in introducing
new modes of more efficient and safe means of effecting payments in the country on a continuous basis. The
RBI introduced the system of Magnetic Ink Character Recognition (MICR) based cheque clearing during late
80's for four metropolitan cities (Mumbai, New Delhi, Chennai and Kolkata). During mid 90s, electronic
payment systems like ECS and NEFT/EFT were introduced. During 2004-05, RTGS was introduced. Besides
introducing these newer mechanisms or systems, the RBI has also been constantly ensuring that the existing
12
13
systems are upgraded / refined to increase their efficiency and to meet the requirements of customers. Taking
advantage of advancements in technology, the RBI has brought in additional safety measures in these
systems to make them secure and also to maintain the integrity of such transactions.
Besides operating the various components of payments systems, RBI also participates in these systems as a
user. RBI also acts as a service provider. RBI has the role of regulating and supervising the various payment
systems.
29. How does RBI regulate payment systems?
The Board for regulation and supervision of Payment and Settlement Systems (BPSS) is a sub-committee of
the Central Board of the RBI and is the highest policy making body on payment system. The Board as well as
the council are assisted by a recently created department the Department of Payment and settlement
Systems (DPSS). The Board has been entrusted with the responsibility to authorise, prescribe policies and set
standards for all existing and future payment systems in the country. The Board also has the powers to
determine membership criteria to these systems and related policies.
30. Whom should I approach in case of any complaints relating to customer services under payment
systems?
The customer may approach the bank concerned to redress the complaint. In case of lack of response /
satisfactory redressal by the bank, the customer may approach the Grievance Redressal Cell in the local RBI
office. The customer may also approach the office of the Banking Ombudsman for redressal of his complaint.
Terms and Words used in Payments
Sl.
No
Term
Details
Cash
Cash payment is the most common payment system which is well known.
Cheque, demand
draft, payment order,
bankers cheque
Paper based payments are in the form of cheques, demand drafts, payment
orders, bankers cheques, refund orders, warrants etc. These are also referred to
as negotiable instruments. For simplicity, they are generally referred to as
cheques.
i. Cheques are simply a payment instruction from the account holder to his/her
banker directing that a certain sum of money should be paid to a specific
individual or to the bearer of the instrument. On receipt of cheques, the
beneficiary will deposit it with his banker who will collect the money through
clearing house system, where banks in a city exchange cheques with one another
and settle the payments by arriving at a net amount of payables and receivables.
After exchange of cheque, the account of the issuer of the cheque is debited and
the credit is passed on to the banker of the beneficiary. An account holder should
ensure that a cheque is issued only when there is sufficient balance of funds in
his/her account. Cheques drawn on any bank in the country can be cleared
through various mechanisms available in the clearing system. The process usually
takes 2 to 4 days depending on the local clearing house procedures.
In India, cheques are valid for three years from the date of issue. However,
cheques are treated as stale, by practice, by banks after since months from the
date of issue, but they can be revalidated by the issuer. Dividend warrants and
interest warrants issued by companies are also treated as cheques which are
usually valid for three months from the date of issue. In case of a cheque, the
beneficiary is entitled to receive the money due only if the balance is available to
clear the cheque. However, there are some pre-paid negotiable instruments eg.
Demand drafts / payment order / banker's cheques.
ii. Demand drafts are used when one person wants to send or transfer money
(remit) to another person who is in another city. The person wanting to send
money, deposits cash in a bank or issue a cheque in favour of the issuing bank,
which issues him a demand draft. The demand draft is sent to the person who is
13
14
to receive the money. The receiver gives it to the branch/bank where he holds an
account and receives the payment. They are valid for 6 months. Banks normally
charge a commission for issuing demand drafts.
iii. Payment orders or Bankers Cheques are similar to demand drafts but are
usually issued for payments within a city. These are usually valid for 3 months.
Banks may charge a commission for issuing Payment Orders and Bankers
Cheques.
Credit cards, ATM
Card based payments are made by using a credit card or a debit card
cards, debit cards,
smart cards and other i. Credit card system is a credit facility extended to a user who is issued a plastic
cards
card which can be used in place of cash for making any type of
payment/purchase. The institution which issues the card has a tie up with the
concerned merchant establishment and the card issuing organization, if different,
to facilitate this arrangement. The amounts charged to the customer are paid by
card issuer to the merchant and subsequently billed to the customer. A credit card
holder may not be an account holder in the bank which issues the credit card.
ii.
The mode of using debit cards and credit cards is generally the same.
Comparison between Credit and Debit Card:
Debit Card
Credit Card
Transaction amounts restricted to credit limit offered on
the credit card
14
15
Electronic Clearing
Service, Electronic
Funds Transfer, Real
Time Gross
Settlement System,
Internet banking.
RUPAY CARD
President of India on 8 May 2014 launched Rupay, Indigenous Card payment System at Rashtrapati Bhawan in Delhi. RuPay is
the coinage of two terms Rupee and Payment. Reserve Bank of India (RBI) envisioned the need for such an indigenously
managed service in 2005. National Payments Corporation of India (NPCL) developed the Rupay platform. Rupay is the seventh
card payment system in the world after Visa, MasterCard, American Express, Discover, Diners Club, and JCB.
Features of RuPay
It can be used at ATMs, Points of sale and also for online purchases.
Rupay card will be use with a PIN. It is possible to withdraw 25000 rupees using the card. Up to 50000 rupees can be spent at
Point of sale terminals.The variant of Rupay card is Kisan Card which is issued by 43 Public Sector Banks (PSBs).
RuPay Scheme provide flexibility to card issuing banks to issue special purpose cards like Kisan Cards, Milk Procurement Cards,
Grain Procurement Cards and Financial Inclusion Cards.The user of Rupay will need to pay at atleast 40 percent fewer charges
for each transaction clearing and settlements when compared to other international platforms.
Expansion of RuPay The total number of banks issuing RuPay cards is now more than 250 and the card base as on April 2014
was at 20 million plus. More than 150 cooperative banks and the regional rural banks (RRBs) have also issued RuPay ATM card.
15
16
Government sector banks already set up 25331 ATMs in which Rupay can be used. In the present financial year 2014-15,
another 9000 ATMs will be set up. These cards can be used in more than 1.6 lakh ATMs and 95% of POS terminals and almost
all e-com merchants.Currently, over 12 per cent of GDP worth cash and coins are in circulation which is quiet high.
Benefits of RuPay Card
The benefits of RuPay debit card are the flexibility of the product platform, high levels of acceptance and the strength of the
RuPay brand-all of which will contribute to an increased product experience.Lower cost and affordability
Customized product offering Protection of information related to Indian consumers
Transaction and customer data related to RuPay card transactions will reside in India
Provide electronic product options to untapped/unexplored consumer segment
Inter-operability between payment channels and products Rupay card also offer facilities such as personal accident insurance
and permanent disability cover to the card holder.Soon, it will be possible to use Rupay in foreign countries as the company is
looking ahead with Discover Financial Services of US for Western world and JCB of Japan for Eastern worl
16