The Indian Navy and State Bank of India (SBI) launched SBI's NAV-eCash Card onboard India's biggest Naval Aircraft Carrier, INS Vikramaditya, to take Digital India to the high seas.
The card was launched in the presence of CS Setty, SBI's Managing Director (Retail & Digital Banking), and Vice Admiral R Harikumar,Flag Officer Commanding-in-Chief of the Western Naval Command.
The launch of SBI's NAV-eCash Card is a significant milestone for digital payment solutions, as well as SBI's commitment to the GOI's vision of Digital India and a purposeful transition towards a less-cash economy. Traditional payment methods are hampered by the specific architecture of navy ships, particularly when the ship is at sea and there is no connectivity. The NAV-eCash Card, with its dual-chip technology, will enable both online and offline transactions.
The Card will eliminate the challenges that personnel onboard have when dealing with physical cash when the ship is deployed at sea.
The idea for such a card was developed together by SBI and Navy officials, and the card meets the Navy's requirements for a seamless onboard experience. The new journey envisioned in the form of the NAV- eCash Card will revolutionize the payment ecology while the ship is sailing by eliminating the need for cash to utilize any of the services on board.
Speaking at the event, CS Setty, MD (Retail & Digital Banking), SBI, highlighted the bank's commitment to the defense forces and the bank's long association with the Indian armed forces. He also acknowledged his satisfaction in being connected with the defence forces. The concept will be duplicated on other navy ships and defence establishments in order to create a safe, convenient, and long-lasting payment ecosystem.
In terms of assets, deposits, branches, customers, and staff, State Bank of India is the largest commercial bank in India. It is also the country's largest mortgage lender, having fulfilled the home-buying ambitions of 30 lakh Indian families.
