Lower Transaction Levels of Rupay Debit Card in Maharastra

National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India.

It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). The RBI, after setting up the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) in 2005, released a vision document incorporating a proposal to set up an umbrella institution for all the retail payment systems in the country.The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. The other objective was to facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion. IBA's untiring efforts during the last few years helped to turn this vision into a reality. NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009.

It was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies Act 2013) and is aimed to operate for the benefit of all the member banks and their customers. The authorized capital was pegged at Rs 300 crore and paid up capital was Rs 100 crore. The aim is to create infrastructure of large dimension and operate on high volumes resulting in payment services at a fraction of the present cost structure.NPCI has ten promoter banks namely, State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.

The Board constitutes of Shri Balachandran M as the Chairman, Nominee from RBI, Nominees from ten core promoter banks, two Independent Directors and Shri A. P. Hota, Managing Director and Chief Executive Officer, NPCI. During the last five years, the organization has grown multi-fold from 2 million transactions a day to 20 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 (24x7x365), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named RuPay to provide an alternative to international card schemes.

As on end-October 2015 over 220 Million Indians own RuPay cards. NPCI logos signify the speed at which the organization is achieving new milestones which adds to setting higher benchmarks to match global standards.The shades Blue, Saffron and Green represent the colours of the Indian flag that pay homage to the organization’s deep roots. Blue is a primary corporate colour, associated with depth and stability. It indicates trust, loyalty, wisdom, confidence, intelligence and faith.

Saffron radiates warmth and happiness by combining the physical energy and stimulation of red with the cheerfulness of yellow. Green implies balance, harmony and growth. NPCI is a company that believes in transparency and clear work ethics. The open P and the liberal spaces around N and C bear testimony to this fact.

The font is stylishly slender, thus expressing flexibility and nimbleness. The letters are in italics giving it the feeling of speed and representing an organization that is swiftly embracing futuristic technologies. The fast forward symbols represent a brand that is rocketing ahead; a brand that is keeping pace with changing times to emerge as a clear winner every time Vision- To be the best payment network globally.Mission- •To touch every Indian with one or other payment service by 2020 •Supports RBI’s vision of less cash society Values- •Passion for excellence Integrity •Customer centricity •Respect •Collaboration The National Payments Corporation of India (NPCI) is a pioneer organization in the field of retail payments in India. It is a body promoted by RBI and has presently ten core promoter banks (State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC). It has been incorporated as a Section 25 company under Companies Act and is aimed to operate for the benefit of all the member banks and their customers.

The vision of NPCI being able to provide citizens of our country anytime, anywhere payment services which are simple, easy to use, safe, and secure, fast and also cost effective. NPCI aims to operate for the benefit of all the member banks and the common man at large. Organizational structure Marketing information system Functional Systems and MCS Information Matrix Decision support system (DSS) RUPAY About Reserve Bank of India, after setting up of the Board for Payment and Settlement Systems in 2005 released a vision document incorporating a proposal to set up an umbrella institution for all the Retail Payment Systems in the country.The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. This led to the formation of National Payments Corporation of India, (NPCI).

RuPay, a new card payment scheme launched by the National Payments Corporation of India (NPCI), has been conceived to fulfill RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments. RuPay”, the word itself has a sense of nationality in it.“RuPay” is the coinage of two terms Rupee and Payment. The RuPay Visual Identity is a modern and dynamic unit. The orange and green arrows indicate a nation on the move and a service that matches its pace.

The color blue stands for the feeling of tranquility which is the people must get while owning a card of the brand ‘RuPay’. The bold and unique typeface grants solidity to the whole unit and symbolizes a stable entity. The Indian market offers huge potential for cards penetration despite the challenges.RuPay Cards will address the needs of Indian consumers, merchants and banks. 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 contribute to an increased product experience. Lower cost and affordability : Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction.

This will make the transaction cost affordable and will drive usage of cards in the industry.