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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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Every person working in this company earns 50 lakh rupees annually

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In today’s time, every person wants to get good income for whatever work he does. May that life be a life of comfort. Have fun and stay entertained.

* Every person’s annual income is Rs 50 lakhs

But do you know that there is also a company where every person working on it has an annual income of Rs 50 lakhs. Yes you heard it right This is a company where the boss of this company reduced his income and raised his income to Rs 50 lakh per annum for every man working in his company.

* The gambling he played five years ago was beneficial

It was in 2015 when the boss of a card payments company in the Australian city of Seattle set a minimum salary of 70 thousand dollars, or about 50 lakh rupees, for his 120 employees. To do this, the company’s boss had reduced his income from one million dollars, or about seven crores. It has been five years now and this man is still taking a low salary. The man named Dan Price says that the gambling he played five years ago was beneficial.

* Valerie tells him how his life has remained

Actually Dan was taking a trip to the mountains near Seattle with his friend Valerie. Then his friend told such a thing that he got upset. On the go, Valerie tells him how his life has remained a pang. His landlord has increased the rent by $ 200 and is not able to meet the daily expenses.

* How much contrast in the world

Price says, “She is such that service, respect and hard work define her personality.” Valerie was earning 40 thousand dollars, or about 29 lakh rupees every year, but she could not get a house of her own in Seattle. She was Price was unhappy at how odd the world was. Suddenly he realized that he himself is part of the same problem. Price became a millionaire at the age of 31. His company Gravity Payments has around 2000 customers and is valued at millions of dollars. He created this company when he was a teenager.

* Decided to change the situation

Price was earning $ 1.1 million (about eight crore rupees) a year, but his friend Valerie realized that his staff would also be struggling. He decided to change these circumstances. Dan Price is very positive and polite, but he is one of the most powerful voices in the United States to rise against inequality.

* Society, greed in its culture

He says, “People are struggling with hunger, being fired from jobs or facing exploitation. Just so that one can find a luxurious apartment in a high tower in New York, where he can rest on a sleeping chair. We are promoting greed in our society, our culture.

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