President of India dedicates ‘RUPAY’ to the nation

(i) The President of India, Shri Pranab Mukherjee dedicated ‘RuPay’ India’s own card payment network to the nation today (May 8, 2014) at function at Rashtrapati Bhavan. (ii) Speaking on the occasion, the President congratulated the Reserve Bank of India for having envisioned the need for such an indigenously managed service in 2005 and for entrusting this task to the National Payments Corporation soon after its operationalization in 2010. (iii) An indigenous system like RuPay will not only reduce the dependence on cash and cheque modes of settlement but will also make it easier to offer products based on specific requirements of diverse user sets within the country. (iv) The President felicitated Shri A. P. Hota, Managing Director and Chief Executive Officer of NPCI. He also presented appreciation plaques to 17 banks for their contribution in connection with RuPay card. Read more: http://www.bankersadda.com/2014/05/daily-gk-update-8th-may.html#ixzz31BsR0GEp