IndiaPost inks deal to issue 1.5 crore debit cards
The personalized debit cards for DOP will be issued on the NPCI
platform and their usage would initially only be on ATMs installed at
DOP branches, as a closed loop environment. The cards can later be used
on other ATMs with Rupay affiliation. These cards will initially be of
the magstripe variant, with the option of EMV being available to the
account holders after a set period of time.
"This deal will power issuance of personalized cards to complement
India Post's ATM deployment plans over a three-year period. We expect
this to benefit people using teller facilities at the branches, as they
can now begin to use these cards for more convenient cash withdrawals,"
said Mokam Singh Matta, Head of Card Business, CMS Info System. In
addition to financial cards, CMS also personalizes Smart Cards which are
being increasingly used in large scale government projects, including
National ID, Rashtriya Swasthya Bima Yojana (RSBY), Mahatma Gandhi
National Rural Employment Guarantee Act (MNREGA) and Employee's State
Insurance Corporation (ESIC). Some of these form a critical backbone for
financial inclusion projects in the country, he said.
India Post which is a large mobiliser of deposits is currently
awaiting approval from Reserve Bank of India to set up the Post Bank of
India. The government department, which has the largest financial
services distribution network across the country, is presently running a
large deficit on postal services. With traditional mail services on a
decline due to electronic communication, the department is looking for
opportunity in logistics and financial services.
The department has already embarked on deploying core banking
solutions which will make it easier for customers to get service outside
their home branch.
Source : The Times of India
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