With the aim to match the standards set up existing card providers like Visa and MasterCard, the National Payment Council of India (NPCI) is set to launch RuPay debit card in March.The Chief Executive Officer and Managing Director of NPCI, Mr. A. P. Hota said, "The countdown has begun and around 20-25 March we will launch RuPay debit card."
He also said, "It will be a personal identification number (PIN)-based debit card and not a signature-based card."Being a PIN-based card, it promises to be more secure than signature based cards. "The card will be PIN-based and will have a magnetic stripe on the reverse side. Disputes are less in PIN-based transactions," said Mr. Hota.
He also said, "NPCI is recommending that banks should issue RuPay cards for its new customers and cards that come for renewal. We are not advocating that banks should change existing cards to RuPay. If banks decide to do so, banks will have to bear the cost."Big lenders like ICICI Bank, HDFC Bank, Corporation Bank and IDBI Bank have been contacted by NPCI for issuing Rupay debit cards.