All 56 Grameen Bank Enable on RuPay and NACH System

National Payments Corporation of India (NPCI), the umbrella organization for all retail payments system in the country, has enabled all 56 regional rural banks (RRBs) in the country under its central payment systems network with RuPay cards and access to NACH (National Automated Clearing House) service. With this engagement, 120 million customers at 19,000 bank branches of all 56 Regional Rural Banks are now part of the national network of electronic payment systems.

Highlights                                             

• All 56 Regional Rural Banks are now enabled

• Comprises 19000 branches, 642 Districts and 120 Million customers

• Under PMJDY RRBs opened 21.7 million A/Cs churning Rs 1600 crore in banks

• More than 20 Million RuPay cards issued

• RRBs (Regional Rural Banks) customer spends Rs 3500 on an average on PoS terminals

“The divide between big banks and regional rural banks (RRBs) are no longer valid for providing basic electronic payment services. This will boost the ecosystem in creating a less-cash society,” says Shri A P Hota, MD & CEO, NPCI.

Providing modern banking facilities in rural areas RRBs have played a vital role in making the ambitious Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme a huge success with opening of 21.7 million accounts and augmented deposits of Rs 1,600 crore in banks. More than 20 million customers have been issued RuPay debit cards by various RRBs (mostly under PMJDY scheme) and are performing successful transactions at ATMs and PoS. As per NPCI research, every second records one transaction from any RRBs customer on central payment or NFS platform. However, the average spend on PoS is estimated at Rs 3,500. 

About NPCI

National Payments Corporation of India (NPCI), which has been set up in 2009 as the central infrastructure for various retail payment systems in India, was envisaged by the Reserve Bank of India as the payment utility for all banks in the country. During the last five years, the organization has grown multi-fold from 2 million transactions a day to 15 million transactions now.  From a single service of switching of inter-bank ATM transactions, the range of services have grown to Cheque Clearing, Immediate Payments Service money transfer (24x7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named ‘RuPay’ to provide an alternative to international card schemes.

www.npci.org.in