The State Bank of India and the Indian Navy launched the SBI NAV-eCash Card onboard India’s largest naval aircraft carrier, the INS Vikramaditya, in Karwar. The card was unveiled in the presence of CS Setty, Managing Director (retail and digital banking), SBI, and Vice Admiral R Harikumar, Flag Officer Commanding-in-Chief, Western Naval Command.
The launch of SBI’s NAV-eCash Card marks a significant milestone for digital payment solutions and SBI’s commitment to the Government of India’s vision of Digital India and a conscious shift towards a cashless economy. The NAV-eCash Card’s dual-chip technology enables both online and offline transactions.
The card minimises the challenges encountered by personnel onboard while handling actual cash during a ship’s deployment at sea. The concept for such a card was developed jointly by SBI and Navy authorities, and the card satisfies the requirements of Navy to provide a seamless onboard experience.
CS Setty underscored the bank’s commitment to the defence forces and its long relationship with the Indian armed services. He also expressed pride in being associated with the armed forces. The concept will be replicated on other naval ships and defence installations in order to develop a secure, convenient, and sustainable payment ecosystem.
