The SBI chairman talks about the promotion of a mobile application by the SBI offer (Yono), an ATM card, and a cash-in-money Yono cash facility in ATMs.
The bank’s president, Rajnish Kumar, said the state bank was going to end the use of the debit card to increase the digital payment habit.
The State Bank of India is the largest banker in the country. A fifth of the total population has a debit card that SBI offers.
However, SBI is planning to put an end to the use of debit card in the face of promoting digital transactions. The bank’s president, Rajnish Kumar, spoke at an event on Monday.
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We plan to remove debit cards from the app. We hope to be able to do that, “he said. He also said that India had 90 crore debit cards and 3 crore credit cards.
He also said that we would encourage the exchange of money in online channels, like the SBI delivery Yono mobile application. The ATM card House said the Yono cash facility, which is taking cash from ATMs, is now in use.
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So far, we have opened 68 thousand Ono Cash centres (Yono Cashpoints). We will create 10 lakh Yoo cash centres within 18 months. It is also possible to get credit to the traders. I mean, we have a facility to use it as a credit card.
In the next five years, we will have to use plastic cards in less than a year. Even small transactions can be made through the QR Code, Rajnish Kumar noted.
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