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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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Emirates announces $16-billion deal to buy 50 airbus aircraft

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Dubai: Emirates Airline said Monday it would buy 50 Airbus 350-900 widebody aircraft in a deal worth $16 billion, with delivery to begin in May 2023.

“I am happy to announce we are purchasing 50 Airbus 350 for $16 billion,” the carrier’s chairman and CEO Sheikh Ahmed bin Saeed Al-Maktoum told reporters at the Dubai Airshow.

In an announcement made at the Dubai Airshow alongside Airbus CEO Guillaume Faury, Emirates chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum said that Monday’s firm order replaces a previous deal for 30 A350-900 and 40 A330-900 aircraft which had been announced earlier in the year.

“We are confident in the performance of the Airbus A350 XWB and we believe this aircraft this aircraft will be a good fit,” he said. “With our A350…we plan to offer different cabin configurations.”

“We’ll be able to take new aircraft to new markets, not only in the region, but also…up to 15 hours of flying time from Dubai,” he said, adding that the $16bn deal reflects Emirates’ confidence in the future of the UAE’s aviation sector and role as a travel hub.

Emirates serve a global network spanning over 158 destinations in 84 countries. Its fleet stands at 267 large aircraft, including more than 100 Airbus, 380 superjumbo.

Its move earlier this year to reduce its total A380 orders triggered Airbus to pull the plug on the costly plane, which airlines have struggled to fill to its capacity of 500-850 people.

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