THE NATIONAL PAYMENTS CORPORATION OF INDIA (NPCI) TO PROVIDE AN INSURANCE COVER FOR ALL E-TRANSACTIONS The National Payments Corporation of India (NPCI) has decided to provide an insurance cover for all e-transactions. It will tie-up with General Insurance Companies for providing insurance cover for both domestic & international transactions by swipe cards, PIN-based transactions on ATMs & e-Commerce transactions with two-step authentication and has now called for a request for proposal (RFP). NPCI will identify and appoint the general insurer for providing insurance cover for fraudulent transactions that result in financial loss to the customers of NFS members or sub-members; also for non-bank ATM operators. NPCI will initially cover Rs. 180 Crores of approved financial transactions under the insurance policy with the selected bidder. If the initial transaction volume goes beyond, NPCI will request an additional cover. The overall insurance cover, will Rs. 10 Crores, and the cover per-Card will be of Rs. 50,000.00. The settlement of the claim will be within 30 days of claim submission by NPCI. NPCI will pay the premium. • The NPCI insurance cover will be over & above any policy taken by a member-bank. • The policy will cover compromised & disputed transactions carried on the National Financial Switch (which facilitates inter-Bank ATM transactions) ATM Network. • It will also cover disputed transactions on the NFS Network. Consumers to have a protection can opt for credit / debit cards, which have the zero-liability feature. Now VISA & MASTERCARD offer this feature. RuPay Cards by NPCI will also start offering this by the end of this year 2013 or in early January 2014. KEEMAT: January – February 2014
Posted on: Mon, 20 Jan 2014 05:45:58 +0000