New Delhi: State Bank of India (SBI) and the Indian Navy on Monday launched the lender’s NAV-eCash card on INS Vikramaditya, the country’s largest naval aircraft carrier. SBI said, “The introduction of the NAV-eCash Card is an important milestone in the bank’s commitment to the digital payment solution and the focus on Digital India and the transition towards a low – cash economy.”
The unique infrastructure on board naval vessels prevents traditional payment solutions, especially when the ship is at high seas with no connection, SBI said in a statement.
With dual chip technology, the country’s largest lender said the card will enable online and offline transactions.
“This card will avoid the difficulties faced by the crew when dealing with physical money while parked at sea. The new voyage, envisioned in the form of the NAV-eCash card, will change the payment environment when traveling without dependence on the ship. Payment for the use of any services on board,” SBI said.
CS Chetty, Managing Director (Retail and Digital Banking), SBI and Vice Admiral R Harikumar, Commanding Officer, Western Naval Command, Flag Officer.
Speaking on the occasion, Mr. Chetty of SBI emphasized the Bank’s commitment to the security forces and its longstanding relationship with the Armed Forces of India. He added, “This concept will be reflected in other naval vessels and various defense organizations in order to create a safe, convenient and sustainable tariff ecosystem.”
Meanwhile, shares of SBI rose 2.50% to Rs. Was 463.05.