RBI V/s Visa & MasterCard

only in case of international travel/transactions, we need to go through the international cards.  lot of our transactions are in India.  The RBI card can consider a link for international needs but it is the domestic transactions which need to be development oriented and made easy.  In my view, many of the domestic tie-ups have not happened because such tie ups are costly.  With affordable tie-ups, we would soon see many of our daily transactions routed through the card.  Card acceptability and gradual reduction of paper currency can be witnessed.  My vote is for the RBI card.

I do support your view, but in order to maintain the standard the domestic banks has to adhere the norms of the basel-2 reforms to have a healthy competition with the international banks and we could expect a better result.

When this hapens, I would not only take the card - I only have my debit cards and not even one credit card - and promote widespread use of such a card.  The reason is simple.  As long as RBI is monitoring this, developmental aspects are given weightage.  In case of VISA, Mastercard; whatever they stipulate, we have had to accept! 

Ofcourse, it takes time for the new card to find adaptability.  I am prepared to wait for it to be a success.

I welcome and support RBI's new idea.

Definitely RBI can make this a grand success. I don't see any problem in bringing a domestic payment card system and a new payment gateway in the future. I would like to see 24x7 NEFT facilty soon.

Present international card system is being misused internationally, frauds and misappropriations are reporting here and there, there by country looses its valuble cuurency. Furter its cost for our country is at international level, if we can able to controle the usage of such cards issued only for domestic purposes it will be better for efficient management. Cards issued to Indians only for domestic payments, this will be better for the controle of out flow under Forreign Exchange Management Act which is a regulatory Act of Reserve Bank of India. In view of this, accouding to me the moove of the RBI to make card payments only for demostic purpose is a right step and in direction.

Jyoti, RBI is not thinking of a competition here.  They are giving a serious thought of creating an indigenous alternate to Visa, Mastercard and American Express. If you would look at a global picture, there are so many payment processing systems, so why not India have one of its own origin.

Coming to the merits, for your information, the banking system in India is the best in the world, which has stood the test of times.  If you know the core of global financial crisis you would know that.  That is the reason why India was least affected in terms of its own banking policies.  Today we are giving banking ideas to the developed world.  So when it comes to our own, how can you even think we would be any less in terms of merits or in terms of benefits or features.

It is a welcome, irrespective of any competition or any other factors for that matter.  

RBI's move to form a National Payment System for transactions routed through India is a timely step. Time has gone when we were lacking in knowledge / expertise / resources. Our economy and economic activity of the people at large is growing day by day. Now we may not afford a payment system run by foreign entity from a foreign location. 

Our own RTGS and NEFT is not sufficient - one system for National Clearing and its "Switch" maybe  introduced operative 24 x 7. This may reduce cost and provide safety. The system may be named " IndiaCard " bringing pride for a 'rising economy' which is slated to become a Super Power in days 2come. RBI - your move is welcome.