SBI launches 'Nation First Transit Card'

Tags: Economics/Business

State Bank of India (SBI), the country's largest bank, launched the 'Nation First Transit Card' to improve commuting experiences and encourage the use of digital payments.

An Overview of the News

• The innovative 'Nation First Transit Card' aims to simplify digital ticket fare payments within a single card for various transport modes including metro, buses, water ferries, parking, and more.

• Apart from transport payments, the card can also be used for retail and e-commerce transactions.

• The 'Nation First Transit Card' is powered by RuPay and National Common Mobility Card (NCMC) technology, making it a potential game-changer for millions of Indians in their daily commute.

NCMC Facility of SBI:

• SBI's NCMC facility enables its customers to use their debit cards as travel cards in metro rail and buses in areas where this service is available.

• NCMC was proposed by the Nandan Nilekani Committee constituted by RBI.

• It aims to promote cashless transactions and integrate commuter payments.

• NCMC was officially launched on March 4, 2019.

• NCMC operates on the RuPay platform, which was developed by the National Payments Corporation of India (NPCI).

• NCMC provides a complete contactless transportation solution and it acts as an automated fare collection system.

• It allows payments for metro, bus, and suburban railways.

Chairman of SBI - Dinesh Kumar Khara