NAV-eCash card: SBI, Indian Navy launch new card to remove cash dependency when ship is at high seas

NAV-eCash card: The Indian Navy and State Bank of India (SBI) together on October 4, 2021 launched SBI's NAV-eCash card aboard country's largest naval aircraft carrier-INS Vikramaditya. 

The NAV-eCash card, which has a dual-chip technology, will enable online as well as offline transactions. This would remove all difficulties faced by personnel onboard in handling physical cash during deployment of the ship at high seas.

The same concept will then be replicated at other naval ships and various defence establishments as well to create a secured, convenient and sustainable payment ecosystem. 

The current infrastructure at naval ships inhibits traditional payment solutions, especially when the ship is at high seas as there is no connectivity at that time.

Aim 

The NAV- eCash Card was jointly launched by SBI and Navy officials to provide a seamless onboard experience to the Indian Navy. 

The card aims to change the payment ecosystem while the ship is sailing. With the launch of the card, there will be no dependency on cash for utilization of any on board services. 

Significance

The launch of NAV-eCash Card is an important milestone for digital payment solutions in line with government of India's Digital India initiative. 

Background

SBI's Managing Director (retail and digital banking) C S Setty emphasized on the bank’s commitment towards defence forces and the long relationship with the armed forces of India.

The State Bank of India is India's largest commercial bank in terms of assets, deposits, branches, customers and employees. 

Download Monthly Current Affairs PDF for UPSC, Banking, SSC, & All Competitive Exams

Monthly Current Affairs Quiz for UPSC, Banking, SSC & Other Competitive Exams