"The Sangamner Merchants Co op Bank Ltd.- RuPay Card"
Launched RuPay Debit Card - India’s First Domestic Card. Presently RuPay Card can be used at ATMs POS & e-Commerce in India.
RuPay is the first-of-its-kind domestic Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites across India. It is a highly secure network that protects against anti-phishing. The name, derived from the words ‘Rupee and ‘Payment’, emphasizes that it is India’s very own initiative for Card payments. It is our answer to international payment networks, expressing pride over our nationality.
RuPay fulfils RBI’s vision of initiating a ‘less cash’ economy. This could be achieved only by encouraging every Indian bank and financial institution to become tech-savvy and engage in offering electronic payments.
A product of National Payments Corporation of India (NPCI)
RuPay is a product of NPCI, the umbrella organisation that powers retail payments in the country. The provision under the Payment and Settlement Systems Act, 2007, empowered the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) to create a secure electronic payment and settlement system in India.
The nature of NPCI’s initiatives and objectives includes it under the “Not for Profit Company” under the provisions of Section 25 of the Companies Act 1956 and more recently under the Section 8 of the Companies Act 2013. This was an initiative to build the necessary banking infrastructure required to propel India towards a ‘less cash’ economy. NPCI recognises the need for tech-driven innovations in the retail payments system to drive operational efficiencies among a larger Indian audience.
Key features of RuPay Debit Card:
Access to more than 2.0 lacs plus ATMs across India
Accepted on more than 10 lacs Point of Sale Terminals at various Merchant Establishments displaying RuPay Logo
The card can also be used for purchases / payments through internet i.e. e-commerce, Payment of Utility Bills, e-shopping etc (Introducing shortly)
The Card can be used only with PIN
No threat of card misuse when lost/stolen.
Card would be accepted only at secured PIN based POS terminals.
Free Accidental Insurance of Rs.1.00 lac
*(As per NPCI's Guidelines)
Limit for Cash Withdrawal at ATM:
Per Transaction -
Per Day -
Limit for purchases at Merchant Establishment on Point of Sale Terminal: Per Transaction & Per Day :-Rs.50,000.00
Limit for Online Purchse e-COM Terminal: Per Transaction & Per Day :- Rs.50,000.00