India’s private sector bank YES Bank and National Payments Corporation of India (NCPI) have introduced RuPay debit card to address the needs of local consumers, merchants and banks.
Dubbed as YES BANK RuPay Debit card, the domestic debit card will be accepted at over 1,90,000 ATMs and over one million POS terminals in the country.
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The bank said that the card will eventually be accepted on internet and ATMs/POS terminals abroad.
The new card, which comes with the saving account with a 7% savings interest rate, has been developed to reduce the dependence on cash and cheque modes of settlement for diverse user sets in the country.
It allows the bank to acquire mandate in government schemes/programs for poverty alleviation and social development, besides providing a range of offers and rewards.
In addition to contributing to the Nation’s vision of financial inclusion, the card will also bring the unbanked segment of the country under the spectrum of financial services.
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By GlobalDataYES Bank managing director and CEO Rana Kapoor said: "The launch will contribute significantly to the goal of Financial Inclusion, by offering high levels of acceptance and an enhanced Banking experience for many customers which were hitherto unbanked."
NPCI managing director and CEO Shri A P Hota said: "The launch of RuPay card is a milestone achievement for us to create an impact in the expanding Debit card market. Customers will be delighted to utilize the card at all payment channels – ATM and PoS."
