SBI Plans to Eliminate Debit Cards

Here is the shocking news from SBI Bank as Debit cards may soon be a thing of the past if the State Bank of India (SBI) has its way. Heralding the beginnning of the end of the ever-present debit cards from the banking system, SBI plans to promote digital payment solutions and eliminate the plastic cards.

This is despite the huge reliance on debit cards by customers of SBI which services a fifth of the population.

"...it is our wish to eliminate the debit cards, and am sure we can eliminate them," chairman Rajnish Kumar said.

The chairman of the bank Rajnish Kumar noted that there are around 90 crore debit cards in the country as against the 3 crore credit cards.

He added that in order to achieve a debit card-less country, there are digital solutions like the bank's own 'Yono' platform. With the aid of the Yono platform, customers can withdraw cash at the automated teller machines or pay for purchases at a merchant establishment without having a card at all, noted Rajnish Kumar.