BUSINESS

Railways launches RuPay pre-paid debit card

The Railways is partnering banks and financial institutions to promote passengers’ interest, says Minister for Railways Suresh P. Prabhu (extreme right) at the launch function in New Delhi on Tuesday. —PHOTO: RAMESH SHARMA

The Railways is partnering banks and financial institutions to promote passengers’ interest, says Minister for Railways Suresh P. Prabhu (extreme right) at the launch function in New Delhi on Tuesday. —PHOTO: RAMESH SHARMA  

Railway passengers can now book their tickets, do shopping and pay service bills using RuPay pre-paid cards, as the Indian Railway Catering and Tourism Corporation (IRCTC), on Tuesday, launched the debit card service here.

The service was launched by the IRCTC in collaboration with Union Bank of India and the National Payment Corporation of India. “It is a union with your bank for customers’ interest,” Railway Minister Suresh Prabhu said here while launching the IRCTC-UBI RuPay pre-paid card.

RuPay is India’s own card payment gateway network like Visa and Master Card, and provides an alternative system for banks to provide a debit card service.

Mr. Prabhu said the Railways was partnering banks and financial institutions to promote passengers’ interest.

“It is in line with Prime Minister Narendra Modi’s financial inclusive programme as one does not need to have a bank account in UBI to have the card and you can avail it online also,” Mr. Prabhu said.

IRCTC Chairman and Managing Director A. K. Manocha said the card was a first-of-its-kind in the market as both virtual as well as physical cards are being issued to customers in two variants.

Cards can be made available from UBI offices or through IRCTC online. Initially the service will be available for booking tickets and later on shopping and bill payments will be added.

UBI Chairman and Managing Director Arun Tiwari said, “the card holder will get free Rs.1 lakh accident insurance coverage as part of the benefits to customers.”

Loading limits

One can have the card with a loading limit of Rs.10,000 with partial KYC detail or Rs.50,000 loading limit with full KYC. Mr. Manocha said the first five transactions per card every month done on IRCTC for purchase of train tickets would be free and no transaction charges would be levied to customers for six months only. For every subsequent transaction post the free usage, customer would be charged Rs.10 per transaction.

The transaction charge would be Rs.10 per ticket for booking a ticket through the card on the portal. — PTI



Cards can be made available from Union Bank of India offices or through IRCTC online



Recommended for you