State Bank of India on 7 May 2015 launched State Bank RuPay Platinum debit card in association with National Payment Corporation of India (NPCI).
Initially, the card will be issued free to customers maintaining a quarterly balance of 50000 rupees. The RuPay card is accepted at all payment channels like ATMs, PoS and eCommerce.
The State Bank RuPay Platinum Debit Card, targets the affluent segment by offering a range of value added benefits including:
• 5 percent cashback on utility bill payments
• Up to 1 percent fuel surcharge waiver
• Complimentary airport lounge access
• Complimentary concierge services
• Complimentary welcome discount vouchers
• Personal accidental death and permanent total disability insurance cover of 2 lakh rupees
At present, SBI has 19.7 crore debit cards in circulation of which 4.5 crore are RuPay cards.
Besides, the NPCI Managing Director and CEO A P Hota announced that the company will soon launch international RuPay debit cards which will allow customers to use them outside the country. It will also issue RuPay credit cards by January 2016.
• SBI chairman - Arundhati Bhattacharya
National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India. It was envisaged by the Reserve Bank of India as the payment utility for all banks in the country.
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When: 7 May 2015