The country’s largest lender State Bank of India (SBI) is aiming to eliminate the use of debit cards from the banking system as the bank plans to promote more digital payment solutions.
SBI Chairman Rajnish Kumar, speaking at the annual Fibac meeting on Monday, said that “it is our wish to eliminate debit cards and am sure we can eliminate them.”
Kumar said that there are around 90 crore debit cards in India as against 3 crore credit cards and pointed out to digital solutions like its own ‘Yono’ platform as the key for achieving a debit card-less country.
He said the bank has already set up 68,000 ‘Yono cashpoints’ for cardless withdrawal of money from ATM. And in the bank is in the process of scaling it up to over 1 million in the next 18 months.
Kumar also stated that in the next five years, there will be a limited need to carry any plastic cards in your pocket and the virtual coupons is the future.