SBI launches pre-paid remittances card with UAE Exchange
Mumbai: The nation's largest bank SBI on Monday launched a co-branded pre-paid card with UAE Exchange, called the 'State Bank Xpress Money Card', that provides banking services to inward remittance receivers.
As per the public sector lender, this card can be loaded up to Rs 50,000 and a maximum of 30 remittances can be loaded during a calendar year.
"This card is meant for crediting inward remittances received through UAE Exchange and can be used for cash withdrawals from any bank ATM, transactions at points of sale and e-commerce transactions," deputy managing director for corporate strategy and new businesses at SBI, R K Saraf told reporters here.
The bank will launch these cards in Kerala in the first phase, which will be subsequently launched across the country, he added.
Saraf said the card would help in increasing the saving habit of the beneficiaries and support financial inclusion plans of the government.
On the know-your-customer needs for this card, the bank said KYC needs to be done only once, which is during applying for the card.
Talking on the rupee depreciation and its impact on remittances, Saraf said remittances had gone up in the last few weeks.
He also said the bank is aiming to increase the number of PoS terminals to 1.5 lakh by the end of this financial year.
"We are aggressively pushing PoS terminals in small cities. As of now, we have around 87,000 PoS terminals. We aim to take it to 1.5 lakh by March," Saraf said.