Home > United Nations Online Network in Public Administration and Finance (UNPAN)
1. Global
Global
2. Africa
Africa
3. Arab States
Arab States
4. Asia & Pacific
Asia & Pacific
5. Europe
Europe
6. Latin America & Caribbean
Latin America & Caribbean
7. North America
North America
UNPAN Asia & Pacific




Public Administration News  
Share
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: E-Procurement
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).
News Home

 Tag This
 Tell A Friend
 Favorite
del.icio.us digg this Slashdot
Rate:
0 ratings
Views: 129

Comments: 0 Favorited: 0 Bookmarked: 0 Tagged: 0



0 Comments | Login to add comment

Site map | FAQs | Terms and Privacy | Contact Us
Copyright 2008-2010 by UNPAN - United Nations Public Administration Network