On December 21, 2020, the occasion of Central Bank of India’s 110th foundation day, the bank in association with National Payments Corporation of India(NPCI) launched ‘RuPay Select’, a unique variant of contactless debit card. It is the bank’s one-of-its-kind health & wellness focused card.
On this occasion, the Central Bank of India also launched FASTAG (for electronic toll collection) in association with OSTA.
Key People
Mr. Pallav Mohapatra, MD and CEO of the Central Bank of India launched RuPay Debit Select Card in the presence of Mr. Dilip Asbe, MD and CEO of NPCI at a virtual event.
RuPay Debit Select Card
Design & Focus
The premium card is designed particularly focusing the lifestyle, fitness, rejuvenation, nutrition and personal care of the customers.
Accidental and Permanent Disability Cover
It offers Accidental and permanent disability Cover of Rs 10 lakh at no extra cost to customers
Offline transactions
It facilitates offline transactions in transits and retail purchases.
Benefits
i.Cardholders can avail complimentary membership and concessional access to golf courses, gyms, spas and restaurants.
ii.In addition to this, they can also avail discounted health check-ups with this National Common Mobility Debit Card (NCMC).
iii.It offers airport lounge access to more than 20 domestic and 500 international lounges
FASTAG
General Info
i.The customers with Central Bank of India FASTAG can cross the Toll Plaza on the basis of the recharge amount blocked in the savings account.
ii.On the next day of the transaction the account will be debited.
Benefits
i.No interest will be lost by the customer on transmitting funds into FASTAG account.
ii.Other players who have similar products, will transfer the fund to a wallet by debiting the account of the customer.
Points to be noted
NPCI Launched its Subsidiary Firm, NPCI International Payments Limited(NIPL). It Appointed Ritesh Shukla as the CEO of NIPL.
Recent Related News:
On November 9, 2020 In accordance with the vision of the Ministry of Housing and Urban Affairs (MoHUA),Karnataka Bank Limited launched a new indigenous RuPay debit card- National Common Mobility Card(NCMC). This card is the bank’s 1st ever contactless debit Card.
About National Payments Corporation of India(NPCI):
It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007
Incorporated– Under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013)
Established– 2008
MD & CEO– Mr. Dilip Asbe
Head Office– Mumbai, Maharashtra
About Central Bank of India:
It is the 1st first Indian commercial bank which was wholly owned and managed by Indians.
Established– 1911
Managing Director & Chief Executive Officer– Shri Matam Venkata Rao
Headquarters– Mumbai, Maharashtra
Tagline– Central to You Since 1911, Build a better life around us
