NPCI scrambles to issue RuPay cards as Jan Dhan accounts zoom

Banks have opened 4 crore accounts so far and mobilised about Rs 3,700 crore as deposits in these accounts

Although close to 4 crore bank accounts have been opened under the Jan Dhan scheme so far, there is a huge backlog in the issuance of the Rupay cards by the National Payment Corporation 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 Rs 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," National Payment Corporation of India (NPCI) managing director and chief executive A P Hota told PTI.

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.

However, he said the backlogs are likely to be cleared in next three weeks.

The Jan Dhan scheme was launched by Prime Minister Narendra Modi on August 28 with an aim to boost financial inclusion.

Under the scheme, the account holders will get an overdraft facility of Rs 5,000. They would also be provided with a RuPay debit cards and Rs 1 lakh accident insurance cover. The government has envisaged to open banks accounts for 7.5 crore people by January 26.