Domestic Card scheme – RuPay: The need for a domestic payment card the “RuPay” card is on account of two factors: (a) the high cost borne by the Indian banks for affiliation with international card associations in the absence of a domestic price setter and (b) the connection with international card associations resulting in the need for routing even domestic transactions, which account for more than 90% of the total, through a switch located outside the country.
As you know, a working group was constituted by RBI under the Chairmanship of Shri.