In 2009, RBI had asked the Indian Bank Association to create a non-profit payment solutions company which will design an indigenous payment card offering state-of-the-art technology that is secure, robust, scalable, simple and cost effective meeting the requirements of having domestic, open, multilateral system of payments. The card was tentatively referred as India Pay. After years of planning, NPCI had finalized the name of the proposed card as Rupay, a portmanteau of the words rupee and payment to avoid naming conflicts with other financial institutions using the same name.[5] The colours used in the logo are an allusion to the tricolour flag of India.