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Chief of Defense Staff to be appointed: PM

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New Delhi: The Chief of Defense Staff is a proposed position who will serve as the combined head of the Indian Army, the Air Force and the Indian Navy.Addressing the nation on Independence Day on Thursday, Prime Minister Narendra Modi announced that the armed forces in India will have a Chief of Defense Staff.

The CDS is a combined head of the Indian Army, the Air Force and the Indian Navy and will act as the single-point military advisor of the Defense Minister of India. The appointment is likely to be someone who is senior to the three serving chiefs or one of the three serving chiefs in rotation. General VP Malik, who was the Army Chief during the Kargil War, calls this a major step in the national security organization which was being considered for the last 20 years but nobody took a decision.

He adds that the appointment may be more economical because it may do away with a certain amount of duplication that we have among the three services. The Chief of Defense Staff is a proposed position that was recommended by a Group of Ministers – led by the then Deputy Minister LK Advani – set up in 1999 after the Kargil War.

Business

SBI aims to eliminate debit cards to promote digital transactions

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Mumbai: The State Bank of India is planning to end the ubiquitous usage of debit cards from the banking system. “It is our wish to eliminate the debit cards, and am sure we can eliminate them,” said SBI chairman Rajnish Kumar on Monday while at the annual FIBAC, a banking conclave organised by the Indian Banks’ Association (IBA) and industry body Federation of Indian Chambers of Commerce & Industry (FICCI).

A fifth of the population relies on the debit card service of this largest lender. In Spite of this huge reliance, SBI plans to promote more digital payment solutions and eliminate the plastic cards. 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.

Pointing out that virtual coupons are the future, Kumar said that the will be less usage of plastic cards in the next five years. Currently, there is the QR code which is a very inexpensive way of ensuring payments.

 

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