Home > politics > policy > NPCI scrambles to issue RuPay cards as Jan Dhan Yojana accounts zoom

Mumbai: Although close to 4 crore bank accounts have been opened under the Jan Dhan Yojana so far, there is a huge backlog in the issuance of the RuPay cards by the National Payment Corp. of India (NPCI) which is the sole issuer of ATM cards for these new accounts.

Over the weekend, financial services secretary G.S. Sandhu had said that banks had opened 4 crore accounts so far and mobilised about 3,700 crore as deposits in these accounts. “Although the number of accounts opened are very high, about 20 lakh (RuPay) cards have been issued so far," A.P. Hota, managing director and chief executive officer of NPCI, said. He said there is a lag in production of cards which usually requires three weeks to get cleared. “Personalisation (of cards) takes time because the name has to be embossed on the card. This is such a big order coming all of a sudden. Nobody expected that in one go so many accounts will be opened," Hota said.

He said the backlogs are likely to be cleared in the next three weeks. The Jan Dhan Yojana was launched by Prime Minister Narendra Modi with an aim to boost financial inclusion. Under the scheme, the account holders will get an overdraft facility of 5,000. They would also be provided with a RuPay debit cards and 100,000 accident insurance cover. The government has envisaged to open banks accounts for 7.5 crore people by 26 January.

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