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Is SBI Debit Card going to close?

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The chairman of SBI bank Rajnish Kumar said “it is our wish to eliminate the debit cards, and am sure we can eliminate them”.

India’s largest bank has decided to eliminate the credit card and they are looking forward to digital payment. This could happen within the next five years. Now you are thinking if the debit cards will be gone then how you will withdraw cash in the future so he also said there are around 90 crore debit cards in the country and 3 crore credit card, and explained that ‘Yono’ is a solution for achieving a debit card-less country.

He also explains that the user can withdraw cash at the ATM or pay for purchases at a merchant establishment without having a card at all by using the “Yono” platform.

Bank has already set up 68,000 “Yono” cash points and is in the process of increasing it up to 1 million in the next 18 months, which will make the necessity to have a card even less.

Additionally, he said that the Yono platform will also give credit for buying certain merchandise, making the credit card in the pocket also as a “stand-by”. He also pointed out about virtual coupon and said there will be a limited need to have any plastic cards in your pocket.

He said that at present for ensuring payments the QR code is also a very inexpensive way.