SBI Card came up with the new scheme for promoting various digital modes of payment. They did this by imposing an extra amount of Rs 100 on cheque payment that ranges below or equal to Rs 2000.
After the joint program of State Bank of India and GE Capital, SBI card tends to promote the use of credit cards among the 4 million users that it has. This move by the SBI card is in accordance with the government’s digit policy that was proposed after the crucial step of demonetization.
This additional charge will be inflicted upon the customers from 1st of April 2017.
There would be no imposition in an amount that ranges above 2000.
As per the Business Standard, the CEO of SBI card said that small cheque payments cause inconvenience to both the company and the customer.
He also annotated- “ We offer various seamless digital modes of payment which we are seeking to encourage, in line with the government’s focus towards digital payments and this step will facilitate the same”.
Also, the CEO clarified that no extra charge would be levied on holders of SBI Card Unnati that encompasses first-time credit card users with the goal of reaching out to the audience who wants to get linked with the financial stream of digital payments.
SBI also took a step ahead in exempting account holders from maintaining a minimum balance in their saving accounts, Jan Dhan Accounts, or an account that is opened in the name of the Pradhan Mantri Jan-Dhan Yojana.