Railways launches RuPay pre-paid debit card | Current Affairs, Current Affairs 2017

Railways launches RuPay pre-paid debit card

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Railways launches RuPay pre-paid debit cardIndian Railways in collaboration with the Union Bank of India and the National Payment Corporation of India launched RuPay pre-paid debit card on Mach 24,2015.

The card which can be used to book train tickets and used for other types of transactions was launched here by Railway Minister Suresh Prabhu.

The card is a collaboration between Indian Railway Catering and Tourism Corporation (IRCTC), Union Bank of India and the National Payment Corporation of India.

According to Prabhu, the initiative is in line with the government’s financial inclusive programme and the railways is tying up with financial institutions to come up with new services for promoting passengers’ interest.

“It (RuPay pre-paid debit card) is in line with Prime Minister Narendra Modi’s financial inclusive programme,” the minister said.

IRCTC said the card is being offered in two variants, whereby the passengers can either avail a virtual card or a physical card under the new offer.

Initially the card can be used to book tickets only and that other types of transactions like shopping and bill payments will be included the card plan later, said IRCTC.

The card also comes with a free accident insurance coverage worth Rs.1 lakh and provides the card-holder with the opportunity to collect reward points on every transaction.

Union Bank of India said the first five transactions every month for booking train tickets will be free.

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