e-RUPI voucher issuance surged in February; redemption in slow lane

While issuance of e-RUPI vouchers by banks surged in February, driven primarily by state-owned Indian Bank and State Bank of India, redemptions of such vouchers were quite muted, data released by the National Payments Corporation of India show.

 

According to the data, Indian Bank generated 507,550 e-RUPI vouchers in February, followed by State Bank of India with 126,810 — both significantly surpassing their January figures of 110,625 and 106,084, respectively.

 

However, only a fraction of the cumulative issued e-RUPI vouchers were redeemed, the data show. For instance, redemptions stood at 8.4 per cent for Indian Bank and 6.5 per cent