President dedicates 'Rupay' to the nation
He said, "It usually takes five to seven years to build a fully functional card payment network."
Mukherjee said creativity lies in developing products meeting the special needs of the customers by the issuing banks.
Mukherjee said: "An indigenous system like RuPay will not only reduce the dependence on cash and cheque modes of settlement but will also make it easier to offer products based on specific requirements of diverse user sets within the country."
He said: "Launch of milk procurement pre-paid card by milk procurement agencies or grain procurement agencies in Punjab are other such variants of the card payment mechanism which only a card payment system developed within the country can appreciate and implement faster."
He also presented appreciation plaques to 17 banks for their contribution in connection with RuPay card.
Among the dignitaries present on the occasion were G. S. Sandhu, Secretary, Financial Services, Ministry of Finance, K.R. Kamath, Chairman, Indian Bank Association and Balachandran M., Chairman, National Payments Corporation of India.
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