Business Standard

SBI plans 3mn Tiny cards in 1yr

Related News

State Bank of India (SBI) is planning to launch 3 million more Tiny cards with biometric identification within a year. The move is significant as it will help the bank keep pace with the financial inclusion process in the country. 

A Krishna Kumar, deputy managing director (IT) of the bank, said on the sidelines of Infocom in Kolkata, "Given the reach of the facility, we expect the number to double within a year.”

So far, SBI has issued 3 million Tiny cards since its launch in 2006. 

Kumar is of the opinion that the government is keen on National Rural Employment Guarantee Scheme (NREGS) accounts and customers would need a facility to withdraw money. Among other benefits, the cards are currently being used as a means of payment of government benefits directly to the poor persons, such as pension payments and wages under the rural employment guarantee programme, he added. 

SBI is also looking at adding facilities like fund transfers through the Tiny cards. The cards also provide services like micro savings, micro credits, micro insurance and utility payments.  

The with biometric identification is SBI’s answer to the challenge of financial inclusion of 1,00,000 villages in the country.  

SBI had recently announced plans to cover 1,00,000 villages through the extensive network of business facilitators and business correspondents.

Read more on:   
|
|
|
|
|

Read More

Going out of Citi Suvidha? Keep higher balance

Citi India’s ‘Suvidha’ salary account holders will need to maintain a monthly net relationship value of Rs 1 lakh if their salary is no longer ...

Quick Links

News Rss icon

LIC Housing Finance takes over Orbit Corp's Mumbai property

Orbit's total amount outstanding is Rs 95.50 crore including interest, expenses and other charges

VCES a rare opportunity, make fresh start, says Chidambaram

The FM asked hose in trade and industry to seize the offer

Govt allows greater flexibility for pension fund investments

But the EPFO board would need to approve the changes before they become official

Back to Top