A top-notch company, SBI officials recently announced that to curb the limited cash flow problem, it would soon extend the credit card limit to Rs 25,000. This move taken by the Banking sector giant would help those people who have the tendency to pay back the cash but their cards service is restricted.
For people who don’t have the credit card but sufficient balance in their account, this announcement came as a surprise as it would now give them a secured method of payment.
Rs 25,000 Limit SBI Credit Cards
According to SBI Cards and Payment service, the credit of Rs.25,000 would be given against the security amount already deposited in the bank account of credit seeker. This move would initiate more customers to avail this opportunity at their best.
Vijay Jasuja, Chief Executive at SBI Cards & Payment Services in a press interview said that offering credit limit of Rs.25000 against the bank deposit amount would reduce stress and give customers a kind of satisfaction as well.
The major problem faced by customers is not money but the card. Some customers have money to spend but do not have cards to initiate payment. SBI scheme would give such a kind of people cards in almost 2-3 months time.
After our honorable Prime Minister Shri Narender Modi announced ban of old currency notes of Rs.500 and Rs.1000 on the historic day of November 8, 2016, this step taken by the SBI bankers would prove as a blessing for customers who are dealing with no cash or cashless problems these days.
After demonetization, the amount of cash has reduced and the lines outside the ATMs and Banks have increased to a considerable level. It has become difficult to withdraw your own cash.
Most people are going through the trauma but soon things will settle down and this change by our Prime Minister would benefit our country and people living in it.
After this change, SBI planned to bring 900,000 to 100,000 cards/year but seeing the response from people, officials have planned to bring at least 20-25% extra for new customers.
Vijay Jasuja also confirmed that SBI has now simplified the process of getting a card. No extra income-cut off strategy would be implemented from now. This new scheme even supports Jan-Dhan account holders so they can become potential card holders as well.
More provisions are being introduced to speed up the card acquisition time so that more customers or we call them to account holders can benefit from this innovate move post-demonetization.
Generally speaking, minimum delivery time for a card is up to 9 to 11 days, but efforts are being done to reduce this time to only 2 to 3 days.
The company is planning to hire more people who can represent this scheme in malls, shopping complex, restaurants, and at many other places. With cashless transactions, this card would bring a major shift to the Digital India.
Most people who shop by credit card, pay almost 20% by card and rest 80% by cash but the introduction of SBI card would change the habit to paying almost 90% by card and rest 10% by cash.