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Banks told to promote RuPay

img_0112The finance ministry has written to public sector banks to issue RuPay debit cards to all existing customers who do not have a debit card. Besides, the banks have been advised to issue RuPay cards to all new customers as well. The ministry has also told the banks to encoruage merchant establishments to install POS terminals for RuPay cards or upgrade existing POS terminals to accept RuPay cards. While the ministry has not advised the banks to not issue cards processed bo international entities like Visa or MasterCard, they have been asked to promote RuPay cards. Banks will have to invariably abide by this guideline as they have to offer new debit cards to all existing customers and ifnrom the progress to the ministry every quarter.

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