SBI aims to eliminate debit cards

Mumbai: If the largest lender State Bank of India has its way, it may herald the beginning of the end of the ubiquitous debt cards from the banking system as the bank plans to promote more digital payment solutions and eliminate the plastic

cards.

This is despite the huge reliance on debit cards by customers of State Bank of India which services a fifth of the population.

"...it is our wish to eliminate the debit cards, and am sure we can eliminate them," chairman Rajnish Kumar said, speaking at the annual Fibac here Monday.

He said there are around 90 crore debit cards in the country as against 3 crore credit cards, and pointed out to digital solutions like its own 'Yono' platform as the key for achieving a debit card-less country.