SBI PLANS TO ELIMINATE DEBIT CARDS - CHECK WHY!

India's largest lender State Bank of India wants to eliminate debit cards. Five years from now, they have a vision to avoid debit cards as much as possible, reports Livemint.

They have plans to increase digital banking and avoid plastic cards. This is despite its customers relying highly on ATM cards.

"...it is our wish to eliminate the debit cards, and am sure we can eliminate them," chairman Rajnish Kumar said on Monday.

He said that there are 90 crore debit cards and 3 crore credit cards in the country and pointed out the digital platforms like Yono are the way to eliminate cards.

He said that, using the app, one can withdraw money or pay without a card.