In accordance with the government data, by February 19, 2020, the issuance of RuPay debit cards under the Pradhan Mantri Jan Dhan Yojana (PMJDY) reached an all-time-high of 29.14 crore. The data states that three out of four Jan Dhan account holders have a RuPay debit card but it is not clear how many use it.
Key Points:
-The PMJDY has 38.13 crore beneficiaries, with total deposits at ₹1,16,152.12 crore.
-Public sector banks (PSBs) are the top issuers of RuPay debit cards, at 24.42 crore, followed by regional rural banks (RRBs) at 3.57 crore cards, and Private banks handed out 1.15 crore cards.
About Rupay card:
Rupay is a card scheme, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012 to fulfil the Reserve Bank of India’s (RBI) vision to have a domestic, open and multilateral system of payments.As part of the government’s financial inclusion initiative, every PMJDY account holder is issued a RuPay debit card which can be used at all ATMs, PoS (point of sale) terminals and e-commerce websites. It comes with an added personal accident and permanent total disability insurance cover of ₹1 lakh.
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