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Prepaid Card Launched For The Unbanked In India
Source: http://www.futuregov.asia/articles/2013/apr/29/prepaid-card-launched-unbanked-india/
Source Date: Monday, April 29, 2013
Focus: Institution and HR Management
Country: India
Created: Apr 29, 2013

The State Bank of India (SBI), a government-owned banking and financial services corporation, launched a prepaid card using the VISA platform to bring financial services to the unbanked sector of India.

The card, named the ‘State Bank Smart Payout Card’ will allow employers to issue prepaid cards to employees that may not qualify for bank accounts, such as contract labourers. The card can be used to pay salaries or other funds. Payees can withdraw cash from the prepaid card at any ATM, or use it for electronic or online payments.

Prepaid card holders do not need to open bank accounts, eliminating the need for paperwork that temporary or blue collar workers may not have. Each card will be protected by a unique PIN number, just like an ATM or debit card.

Existing VISA customers with bank accounts at SBI are also eligible for the prepaid card. These customers can top-up their card through online banking, while corporations issuing cards to employees without bank accounts will have to go to a physical bank branch to add value to the prepaid cards.

Card-holders or employers can add up to INR 10,000 (US$183.83) at a time. The monthly balance is capped at INR 25,000 (US$459.57).
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