 MUMBAI: State Bank of India has launched a pre-paid card as an alternative to providing bank accounts to the unbanked with minimum 'know your customer' norms. The bank is pushing the pre-paid card through businesses and employers who have workers who do not have bank accounts. Launching the card in Mumbai, RK Saraf, deputy managing director, SBI said that an introduction by the employer and a basic proof of address would suffice. Scope of misuse in money laundering would not be there as the maximum amount would be limited to top up of Rs 10,000 with a monthly cap of Rs 25,000. The card which is launched in conjunction with Visa can be can be used for crediti ng salaries/wages and support funds, cash withdrawals from any bank ATM and any electronic transaction for which a credit card is otherwise used. Until now pre-paid cards have been used by banks largely in the gift segment. SBI entry into the prepaid segment gains significance because the card can be used in any of the 26,000 ATMs of the bank group and also view transactions through an online portal. The card will have a one time cost of Rs 102. "The card will have all the safety features of a credit card," said Saraf.  via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNG-m4FZ2u9Mt8nFJTVrRnUuor6MEA&url=http://timesofindia.indiatimes.com/business/india-business/SBI-launches-pre-paid-card-for-unbanked/articleshow/19704551.cms | |||
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