OREANDA-NEWS. June 18, 2012. Indian Payment System, on the lines of Master and Visa International, was launched by National Payment Commission of India at Mumbai. Initially only seven scheduled banks were allowed to undertake this business.

Central Bank of India signed an Agreement with NPCI for issuance of RuPay Cards and we are in the process of configuring all our EDC machines to be RuPay Compliant. With this Central Bank of India will be in a position to issue Rupay cards as well as make payment of all Rupay cards issued by other Banks in the country. The agreement, on behalf of bank was signed by Shri B.N.S. Ratnakar, General Manager and Mr. A.P. Hota, CEO, NPCI in the presence of Mr. N. Narayanamurthy, Chairman of board of NPCI.

At present, the charges levied by RuPay are almost at par with others. It is assured by the NPCI that these charges will be brought down shortly. The NPCI has also requested banks to issue RuPay cards for Financial Inclusion and Kisan Credit Card.