The State Bank of India, also known as SBI, and the Indian Navy together developed the unique dual-chip debit card, the ministry stated in a statement.
Attended the plenary session of ‘Swavlamban 2.0’ in New Delhi.
⁰The 5th Positive Indigenisation List, comprising 98 items which includes Highly complex systems, sensors, weapons & ammunition was released today. It is in line with our vision for ‘Atmanirbharta in Defence’.… pic.twitter.com/CMHSctBeK8
— Rajnath Singh (@rajnathsingh) October 4, 2023
The card has been designed and tested on several Indian naval vessels and is now prepared for its much-awaited launch pan-Navy, according to the statement.
The card eliminates the use of currency onboard ships, even in rough seas, which is a positive step toward the Indian Prime Minister’s vision of a cashless India, per a statement.
Per the defence ministry, the “SBI NAVeCash Card” can easily be used online (as a standard debit card) and offline at sea without a direct connection to banks.
On Wednesday, Rajnath Singh, the minister of defence, introduced a dual-chip debit card created to make it easier for naval troops operating at sea to conduct offline transactions when necessary.
References: The Print, Republic World
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