National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country, has enabled all 56 regional rural banks (RRBs) 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 RRBs are now part of the national network of electronic payment systems,” NPCI said in a statement. Under Prime Minister’s Jan Dhan Yojna, regional rural banks (RRBs) opened 21.7 million accounts churning ₹1,600 crore in banks and more than 20 million RuPay cards have been issued.
“The divide between big banks and RRBs is no longer valid for providing basic electronic payment services. This will boost the ecosystem in creating a less-cash society,” said AP Hota, MD and CEO, NPCI.