When National Payments Corporation of India (NPCI) launched RuPay in March 2012, the Atmanirbhar theme was loud and clear. The idea was to establish a domestic, open, and multilateral system for a card-payments infrastructure, which was thus far dependent on foreign technology. In the years that followed, public-sector banks (PSBs) were prodded to play along and RuPay debit cards managed to corner 35% market share within a short time.
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