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General News SBI plans to eliminate Debit Cards to promote Yono for digital payments

BIG news for SBI account holders. Bank to do away with Debit Cards to promote digital payments

The State Bank of India is looking to end the usage of debit cards from the banking system. The move comes as SBI plans to promote more digital payments solutions and eliminate the plastic cards. This is despite the huge reliance on debit cards by customers of SBI which services a fifth of the population.

What SBI says on debit cards:
" is our wish to eliminate the debit cards, and am sure we can eliminate them," chairman Rajnish Kumar said, speaking at the annual Fibac 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.

Kumar said through the Yono platform, one can withdraw cash at the automated teller mach


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