RBI PLANS TO PLAY OWN CARD AGAINST VISA, MASTERCARD

In its report on "Payment Systems in India: Vision 2009-12", RBI said that it would look into the concept of a domestic payment card (India Card) and a PoS (Point of Sale) switch network for issuance and acceptance of payment cards.
The report said "The need for such a system arises from two major considerations - the high cost borne by the Indian Banks for affiliation with International Card Associations like Visa, Mastercard and their association resulting in the need for routing domestic transactions, which account for more than 90%, through a switch located outside the country."
RBI is also planning to implement a 24 hour funds transfer system by extending National Electronic Fund Trasnfer (NEFT) to function on a 24 X 7 basis.
Source: http://www.financialexpress.com/news/rbi-plans-to-play-own-card-against-visa-mastercard/540867/