Rupay credit cards already operational

Rupay credit cards are already in operation since June 15, National Payments Corporation of India (NPCI) MD and CEO A P Hota said on Wednesday.

"For all practical purposes, Rupay Credit Cards have already been launched. It is already in operation since June 15. As many as ten banks are issuing these credit cards," Hota told PTI from his Mumbai office.

Of the ten banks issuing Rupay Credit Cards, eight are public sector banks, while one is a private bank and the other a cooperative bank, Hota said. The eight public sector banks are Andhra Bank, Canara Bank, Corporation Bank, Central Bank, IDBI, Punjab National Bank, Union Bank and Vijaya Bank. The other two are - HDFC Bank (private bank) and Punjab and Maharashtra Cooperative Bank, he said.

The NPCI, the nodal agency for digital payment systems in the country, is going to conduct a formal launch in Mumbai in the middle of this month or in all likelihood next month, Hota said. "We are not focusing more on the formal launch, but focusing more on technically enabling more and more banks in credit cards," he said.

Hota also said a pilot is going on with five public sector banks and by March 2018, NPCI plans to have 25 banks altogether on board. He also said the business development department of NPCI is in touch with the banks to technically enable them.

"Our officials are visiting the banks to technically enable them to issue Rupay credit Cards. We are making them aware of its benefits, and how better they are compared to Visa and Master Card," he said.