{"id":11854,"date":"2023-06-09T03:08:42","date_gmt":"2023-06-08T21:38:42","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=11854"},"modified":"2025-03-30T05:50:56","modified_gmt":"2025-03-30T00:20:56","slug":"rupay-card","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/rupay-card\/","title":{"rendered":"RuPay card"},"content":{"rendered":"<h2><strong>About RuPay card:<\/strong><\/h2>\n<ul>\n<li>It is an Indian domestic card scheme conceived and <strong>launched by the National Payments Corporation of India (NPCI).<\/strong><\/li>\n<li>Its mission is to fulfil the Reserve Bank of India\u2019s vision of having a domestic, open-loop and multilateral system of payments in India.<\/li>\n<li>It works to enable electronic payment at all Indian banks and financial institutions.<\/li>\n<li><strong>Benefits of RuPay Card\u00a0<\/strong>\n<ul>\n<li><strong>Lower cost and affordability:<\/strong> Since the transaction processing will happen domestically, it would lead to a lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive the usage of cards in the industry.<\/li>\n<li><strong>Customized product offering:<\/strong> RuPay, being a domestic scheme is committed towards the development of customized product and service offerings for Indian consumers.<\/li>\n<li><strong>Protection of information related to Indian consumers<\/strong>: Transaction and customer data related to RuPay card transactions will reside in India.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Key facts about NPCI<\/h3>\n<ul>\n<li>It is an umbrella organisation launched in 2008 by the Reserve Bank of India (RBI) and the Indian Banks\u2019 Association (IBA) under the provisions of <strong>the Payment and Settlement Systems Act, 2007.<\/strong><\/li>\n<li>It is owned by a consortium of banks, and is aimed at creating robust payments and settlement systems.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1) What is the role of RBI?<\/h3>\n<p>The Reserve Bank of India (RBI) is the central bank of India and plays a crucial role in the country&#8217;s monetary and financial system. Established in 1935, the RBI is responsible for formulating and implementing monetary policy, regulating and supervising banks and financial institutions, issuing and managing the country&#8217;s currency, and maintaining the stability and integrity of the financial system.<\/p>\n<p><strong>Source:<\/strong>\u00a0<a href=\"https:\/\/www.thehindu.com\/business\/rbi-permits-banks-to-issue-rupay-prepaid-forex-cards\/article66947032.ece\" target=\"_blank\" rel=\"nofollow noopener\"><u>RBI permits banks to issue RuPay prepaid forex cards<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RuPay card is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India.<\/p>\n","protected":false},"author":5,"featured_media":11855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-11854","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=11854"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/11854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/11855"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=11854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=11854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=11854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}