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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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Amazon Great Indian Festival sale starts from september 29th

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India’s favourite e-commerce portal, Amazon India, has just announced the biggest retail event of the year Amazon Great Indian Sale. The dates of this 6-day shopping extravaganza have been announced. The sale will go live on 29th September 2019 and end on 4th October 2019. Prime members will get a 12-hour early access to the sale. For them, Amazon Great Indian Festival Sale 2019 will commence on 28th September at 12 PM. Amazon has unveiled a few of the best offers that will be up for grabs. During the course of this five-day shopping extravaganza, Amazon India will provide jaw-dropping Amazon Great Indian Sale offers, deals, and discounts on purchases made from Amazon India’s e-commerce platform.

The company is offering a plethora of discounts such as up to 40% off on “latest and best smartphones of 2019” which include 15 new smartphones and accessories; up to 90% off on fashion with over 1200 top brands; up to 80% off on more than 50,000 home and kitchen products; and up to 75% off on home appliances.

In addition to discounts, Amazon will also be offering festive cashback offers on Amazon Fashion, combo offers on books, gaming and toys and the opportunity to save more using Amazon coupons on daily essentials. Kitchen and home products will be listed at the “lowest ever prices” with free installation. Moreover, more than 11,000 products by Amazon brands will be listed on sale.

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