National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country enables over 200 District Central Co-operative Banks (DCCBs) under RuPay Debit Card network.
With this development, NPCI now digitises about two-thirds of 675 districtsin 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 are Maharashtra, Uttar Pradesh, West Bengal, Uttarakhand, Andhra Pradesh, Bihar, Karnataka, Gujarat, Kerala, Odisha, Haryana, Himanchal Pradesh, Chhattisgarh, Punjab, Rajasthan and Telangana.
Mr. A. P. Hota, MD & CEO, NPCI said, “Participation of DCCBs is gradually bridging the gap between India and Bharat while facilitating Financial Inclusion initiatives for the country. RuPay’s customised services are aimed to transform our cash dependent economy. It addres ses the need of Indian consumers, merchants and banks. NPCI is fully aligned with the RBI’s Vision of building a ‘Less Cash India’.
Customers of DCCBs experience state-of-the-art services. Over 280 million RuPay card holders have an access to 2.2 lakh plus ATM’s and over 1.2 lakh Point of Sale (PoS) terminals across the country.
Role on DCCBs on Banking Industry
District Central Cooperative Banks (DCCBs) 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.
RuPayhas been conceived to fulfil RBI’s vision to offer a domestic card payemnts system which will allow banks and financial institutions to participate in electronic payments. Currently, about 280+ RuPay cards in force. 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 contributes to an increased product experience.
National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility for all banks in the country. During the last six years, the organisation has grown multi-fold from 2 million transactions a day to 25 million transactions now. From a single service of switching of inter-bank ATM transactions, the range of services has grown to Cheque Clearing, Immediate Payments Service money transfer (24×7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named ‘RuPay’ to provide an alternative to international card schemes.
For more information, please visit www.npci.org.in