The RUPAY Card network
has added one more member, with Central Bank of India inking an
agreement with National Payments Corporation of India (NPCI) for
issuance of RuPay cards.
To make the best use of
this agreement, Central Bank of India, tweaking all its EDC Machines
to be RuPay compliant. With the above feature, the bank will be in a
position to issue RuPay cards as well as make payment of all RuPay
cards issued by other banks in the country.
The major observation by
Central Bank of India, is that the charges currently levied by RuPay
are almost at par with others. NPCI has assured that shortly they
will bring down these charges.
NPCI is also
encouraging banks to issue RuPay cards for Financial
Inclusion and Kisan Credit Card.
Central Bank of India,
was established in 1911, and has the distinction of being the first
Indian Commercial Bank wholly owned and managed by Indians. Central
Bank of India, was the dream of Sir Sorabji
Pochkhanawala, founder of the Bank.
The Bank recently
celebrated its 100 years of existence.
Over the years, various
innovative schemes were launched by the bank. The most noteworthy was
the launch of an Exclusive Ladies Department to cater to the Bank's
women clientele, that too in the year 1924.
Tata
Industrial Bank founded by Shri.J.R.D Tata was acquired by
Central Bank of India, in 1923
A magnificent
book on Bank's History was released as part of its centennial
celebrations.
