South Indian Bank Launches RuPay Prepaid Card & Gift Card

South Indian Bank launched Prepaid card & Gift card on RuPay platform. The cards were jointly launched by Mr. A.P. Hota, MD & CEO, National Payments Corporation of India (NPCI) and Mr. V. G. Mathew, MD & CEO of South Indian Bank in a ceremony held at the NPCI Headquarters, Mumbai.

Speaking at the launch Mr. Mathew said, “We encourage customers to use the digital platforms without having to worry about carrying cash. Gifting becomes a beautiful experience with SIB Gift cards and everyone gets the freedom to purchase what they desire.”

The other dignitaries from NPCI present at the occasion were Mr. Dilip Asbe, Chief Operating Officer, Mr. Anup Nayar, VP – Business Development and Mr. Rajeeth Pillai, VP and Head - Business Development while from South Indian Bank Mr. Reghunathan K.N, Executive Vice President and Mr. T. J. Raphael, General Manager, Marketing & IT were present.

Mr. Hota said, “Launch of RuPay Gift card by South Indian Bank will boost the use of card payments. It is a safer alternative than giving cash on occasions. RuPay enabled Gift cards are helping beneficiaries to select their own gifts.”

The SIB Prepaid Card is a re-loadable payment instrument like debit or credit card on RuPay platform. It comes with a maximum validity of three years along with top-up facility in multiples of Rs. 100. The card can be seamlessly used at ATM’s, Points of Sales (PoS) terminals at merchant outlets and e-commerce websites across the country.

The SIB Gift Card is a prepaid, non-re-loadable card on RuPay Platform. There is no need to have an account with SIB to purchase this gift card. The maximum validity period is one year. The card can be used atPoSterminals at merchant outlets and e-commerce websites across the country.

About South Indian Bank

Headquartered in Thrissur - Kerala, South Indian Bank is a scheduled commercial bank having 838 Branches, 42 Extension Counters and 1298 ATMs ensuring its footprint in 30 States/ Union Territories of India (as on 22 July 2016). The Bank's products are designed from core values strengthened by a rich tradition and technology at its best. The Bank had posted an annual net profit of Rs. 333.27 Cr. in the FY 2015-16.

About NPCI

National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility for all banks in the country. During the last six years, the organisation has grown multi-fold from 2 million transactions a day to 25 million transactions now. From a single service of switching of inter-bank ATM transactions, the range of services has grown to Cheque Clearing, Immediate Payments Service money transfer (24x7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named ‘RuPay’ to provide an alternative to international card schemes.