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Tag: RuPay Card

  • India-Maldives Ink Currency Swap, Unveil Vision Document: Key Outcomes Of Muizzu’s Visit |

    India and the Maldives took significant steps to reinforce their bilateral relations, signing a currency swap agreement and agreeing to further development cooperation. The pact aims to address the Maldives’ financial crisis, with a focus on infrastructure development across the island nation.

    Major Projects Announced

    During Maldivian President Mohamed Muizzu’s five-day state visit, he held talks with Indian Prime Minister Narendra Modi at Hyderabad House in New Delhi. Key agreements included the construction of ports, road networks, schools, and housing projects. India also handed over 700 social housing units in Hulhumale, built with the help of EXIM Bank’s buyer’s credit facilities.

    Launch of RuPay Card and Economic Support

    In a significant move, the RuPay card was launched in the Maldives, marking a step towards deeper financial integration between the two nations. Modi also announced a $400 million support package to help the Maldives tackle its ongoing financial challenges. Additionally, a currency swap agreement worth Rs 3,000 crore was inked, designed to stabilize the Maldivian economy.

    Vision for Comprehensive Economic and Maritime Security Partnership

    The two sides agreed on a “Vision for Comprehensive Economic and Maritime Security Partnership.” This strategic document outlines areas of cooperation, including economic development and security in the Indian Ocean Region. Both leaders emphasized that this partnership is people-centric and future-oriented, aimed at enhancing stability.

    Infrastructure and Connectivity Projects

    Several infrastructure projects were inaugurated, including the newly redeveloped Hanimaadhoo International Airport. Both nations also agreed to expedite the Greater Male Connectivity Project, which includes building a new commercial port on Thilafushi Island to alleviate congestion at Male’s port. They also explored collaboration on developing transshipment facilities and bunkering services at Ihavandhippolhu and Gaadhoo islands.

    Boost to Aviation and Tourism

    India will assist in developing the Hanimaadhoo and Gan airports, among others, with the goal of transforming them into economic hubs. The two leaders also discussed creating an ‘Agriculture Economic Zone’ and tourism investments in Haa Dhaalu atoll. A fish processing and canning facility at Haa Alifu atoll will also be set up with Indian help.

    Discussions on Free Trade Agreement

    Modi and Muizzu decided to initiate discussions on a Free Trade Agreement (FTA) to further boost economic ties. The prime minister described the Maldives as a close friend and a key player in India’s neighborhood policy and SAGAR (Security and Growth for All in the Region) vision.

    President Muizzu, who had previously championed an ‘India out’ campaign, has since softened his position. He sacked ministers critical of India and Modi, signaling a desire to rebuild relations. The ceremonial welcome at Rashtrapati Bhawan, and Muizzu’s visit to Rajghat to pay respects to Mahatma Gandhi, symbolized this warming of ties.

    Continued Indian Support Amid Financial Crisis

    To aid the Maldives’ struggling economy, India agreed to roll over a $50 million Treasury Bill for another year, offering crucial budgetary support. This move is expected to stabilize the Maldivian economy, which has been under severe strain.

    With Inputs From PTI

  • SBI, Indian Oil launch contactless RuPay debit card; verify key advantages

    Image Source : PTI SBI, Indian Oil launch contactless RuPay debit card; verify key advantages
    State Bank of India (SBI) and Indian Oil Corporation (IOC) on Thursday launched a co-branded contactless RuPay debit card. A buyer, anyplace within the nation, can get the cardboard by visiting the SBI’s dwelling department. It is a contactless card and transactions as much as Rs 5,000 will be paid for with only a faucet.

    “We believe this Co-branded Card, with ‘Tap and Pay’ technology, several attractive benefits and associated offers, would not only provide a rewarding experience on purchase of fuel to the cardholders, but also simplify the everyday purchases of customers with secure and convenient contactless payments,” the financial institution’s Chairman Dinesh Kumar Khara mentioned

    The card may even simplify the on a regular basis purchases of shoppers with safe and handy contactless funds, he added.

    Using it, cardholders can avail gasoline advantages and loyalty factors value 0.75 per cent towards buy of gasoline in any respect shops Indian Oil gasoline stations. There isn’t any month-to-month restrict for buying the gasoline.

    Customers also can earn reward factors for spends on eating, motion pictures, grocery and utility payments. The reward factors can equally be redeemed for eating, motion pictures, grocery and utility payments, the financial institution mentioned.

    The SBI-IndianOil RuPay Debit Card was launched by Dinesh Kumar Khara, chairman, SBI and Shrikant Madhav Vaidya, chairman, IndianOil, in a digital ceremony held at the moment.

    Key advantages of this Co-branded Contactless RuPay Debit card

    Pay with a faucet (contactless card) for a single transaction of as much as Rs 5000;
    6 instances Reward Points for each Rs 200 spent at Indian Oil gasoline stations;
    Fuel advantages – Cardholder earns loyalty factors value 0.75 per cent towards the acquisition of gasoline at Indian Oil gasoline stations;
    No month-to-month restrict for buying gasoline;
    Earn Reward Points on spends on eating, motion pictures, grocery and utility payments;
    SBI-IndianOil Co-branded RuPay Debit Card will be issued anyplace in India; and
    Apply for a card by visiting SBI’s dwelling department.
    Redeem Reward Points for eating, motion pictures, grocery and paying utility payments;
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  • PM Modi : Bhutan’s Prime Minister To Launch RuPay Card Phase 2 Tomorrow

    Prime Minister Narendra Modi along with his Bhutanese counterpart Lotay Tshering will on Friday launch RuPay card Phase-II that will allow Bhutanese card holders to access RuPay network in India.
    The prime ministers of the two countries had jointly launched Phase-I of the project during PM Modi’s state visit to Bhutan in August last year.

    The implementation of Phase-I of RuPay cards in Bhutan has enabled visitors from India to access ATMs and Point of Sale (PoS) terminals across Bhutan. Phase-II will now allow Bhutanese card holders to access RuPay network in India, the Ministry of External Affairs said in a statement.

    The RuPay card is an Indian debit and credit card payment network, with acceptance at ATMs, POS devices and e-commerce websites.

    A virtual ceremony for the joint launch of RuPay card Phase-II by Prime Minister Modi and Bhutanese Prime Minister Tshering will be held on November 20, the statement said.

    India and Bhutan share a special partnership, anchored in mutual understanding and respect, reinforced by a shared cultural heritage and strong people to people links, the MEA said.