SBI, Indian Navy Launch NAV-eCash Card For Online, Offline Transactions

New Delhi: State Bank of India (SBI) and Indian Navy on Monday launched the lender's NAV-eCash card onboard the country's largest Naval Aircraft carrier INS Vikramaditya. SBI said that "launch of NAV-eCash card is an important milestone for digital payment solution and the bank's commitment towards the Centre's vision of Digital India and a shift towards less-cash economy."

SBI, in a release, said that the unique infrastructure at naval ships inhibits traditional payment solutions particularly when the ship is in high seas where there is no connectivity.

With dual-chip technology, the country's largest lender said that the card will facilitate both online as well as offline transactions.

"The card will obviate the difficulties faced by personnel onboard in handling physical cash during deployment of the ship at high seas. The new journey envisioned in the form of NAV-eCash Card will change the payment ecosystem while the ship is sailing with no dependency on cash for utilization of any of the services onboard," SBI stated.

C S Setty, Managing Director (Retail & Digital Banking), SBI and Vice Admiral R Harikumar, Flag Officer Commanding-in-Chief, Western Naval Command, were present during the launch of the card.

Speaking at the occasion, SBI's Mr Setty, emphasized upon the bank's commitment towards defence forces and the long relationship with the armed forces of India. He further mentioned that "the concept will be replicated at other naval ships and various defence establishments for creating a secured, convenient and sustainable payment ecosystem."

Meanwhile, shares of SBI surged 2.50% to settle at Rs 463.05 on Monday.