RuPay debit card News

NPCI confirmed these changes in a circular released on February 25, 2025.

After RuPay debit cards, State Bank of India (SBI) waived off merchant discount rate (MDR) on Master and Visa debit cards. This is being done to promote digital transactions.

Renewing calls for India to move towards a "cashless society", Prime Minister Narendra Modi on Sunday said this was essential to curb black money in the country.

It is interesting to note that, of the 580 million debit cards used in India, 190 million are said to be RuPay card, a huge achievement for a year old card.

Banks have mobilised deposits worth close to Rs 21,000 crore from the accounts opened under the Pradhan Mantri Jan Dhan Yojana, the Finance Ministry said Wednesday.

After launching the RuPay debit card, National Payments Corp (NPCI) is set to come out with its virtual form in the next few months, a move that will give further push to smartphone-based transactions.

The RBI governor had earlier cautioned the banks on the risks involved in just hunting for numbers, asking them not to compromise on core objectives of the programme.

People who do not have officially valid documents or aadhaar numbers can still get bank accounts opened by submitting two copies of signed photographs at the bank branch; 4.18 crore accounts opened as on date under PMJDY.

On the inaugural day, a record 1.5 crore bank accounts were opened across the country, the largest such exercise on a single day possibly anywhere in the world.

The government plans a mega launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) by Prime Minister Narendra Modi on August 28, which is likely to see opening of one crore bank accounts on the first day itself.