VIJAYA BANK SIGNS MOU WITH ‘NPCI’ ON RUPAY CARD

Vijaya Bank signed MOU with ‘National Payments Corporation of India’ (NPCI) on RUPAY Card. The MOU was signed in the presence of Shri HS Upendra Kamath, Chairaman &Managing Director, Vijaya Bank and Smt. Shubhalakshmi Panse and Shri KR Shenoy, Executive Directors of the Bank.


Bank is planning to launch RUPAY Card as debit card which will be an alternate payment settlement channel for domestic usage. RUPAY is the Indian domestic card payment network being set up by National Payments Corporation of India (NPCI) at the behest of banks in India.

The said card will reduce overall transaction cost for the bank by introducing competition to international card schemes. It will Shift Personal Consumption Expenditure (PCE) from cash to electronic payments.

In the initial phase Bank is planning to issue 2 variants of the debit cards under RUPAY brand namely
1. Rupay Adhaar based debit card as part of the bank's FI initiative
2. Rupay Kisan debit card for Rural & Farmer community

Sourced From: Vijaya Bank