IMGCAP(1)]
The Reserve Bank of India, the country's central bank, has called for study into the establishment of a domestic card scheme. In its 12 Nov. "Payment Systems in India" report, the bank says the need for such a scheme, dubbed "India Card," comes from "the high cost borne by the Indian banks for affiliation with international card associations" and the resulting need "for routing even domestic transactions, which accounts for more than 90% of the total, through a switch located outside the country." The bank gave no further details about the proposed scheme, including its timetable. The bank also wants to study what it calls "India MoneyLine," which would enable more consumers to make funds transfers at any time instead of only between 9 a.m. and 5 p.m. weekdays and 9 a.m. to noon on Saturdays. The system would resemble the Faster Payments scheme in the United Kingdom, the Reserve Bank says.
