-
State Bank of India launched Card VKYC
In order to ensure hassle-free customer on-boarding and zero contact, State Bank of India (SBI), the country’s largest credit card issuer, announced on 15 June 2020 that they would be launching the Video Know Your Customer (VKYC) feature.
This feature follows SBI’s endeavour to establish an end-to-end on-boarding, digital sourcing, and paperless process. Apart from reducing fraud, VKYC will also reduce the KYC process cost by nearly 50%. The VKYC process has been started by SBI after the RBI allowed VCIP. Under the VKYC process, customers do not have to physically interact with anybody. Therefore, the process is presence-less and simple. The E-Sign process allows the bank to obtain a digital signature via a digital application form. The applicant to receive the application form via the PDF format with all the information that has been provided.
Once the application form has been verified, the applicant must e-sign the form and the process to issue the card will start. Customers will need to follow simple steps for VKYC completion. Once the customer has filled the application form on the official website of the bank or via tele-calling, a VKYC link will be sent. Via the link, the applicant must fill details such as PAN, date of birth, and name. The Aadhaar Card must also be uploaded. Next, a face-to-face video call must be completed, where various details that have been entered must be shown. Once the verification has been completed, the application form must be signed.
-
SBI Credit Card records more than Rs.175 crore average daily spends in May
SBI Cards and Payments Services has said that customers continued using their credit cards during lockdown and due to the unique nature of business the average daily spends were in upwards of Rs 175 crore during May.
The company which is promoted by the country’s largest lender State Bank of India (SBI) and goes by the brand name SBI Card said it has been focusing on business continuity since the first lockdown (late March) was announced, and has been continuously scaling up business operations since then.SBI Card has undertaken a detailed scenario analysis of the unprecedented economic situation caused by the COVID-19 crisis and has developed strategies to manage its business impact, it said in a regulatory filing.
On the spending side, it said credit card as a product has an advantage of continuous customer engagement due to the unique nature of business.
“As a result, spends on credit cards continued during lockdown through online and merchant outlets open during this period. Post relaxation of lockdown, average daily spends in the month of May 2020 is trending at over Rs 175 crore versus over Rs 290 crore for Q4 FY20,” SBI Card said.
However, the daily spend level in last 7 days of May is trending at over Rs 200 crore.
It said the company is now averaging at over 60 per cent of the pre-lockdown daily average spending.
-
Number of credit card transactions to skyrocket due to lockdown
A senior SBI Card official had said that the world-wide lockdown will surely hike up the number of credit card transactions. The official had also said added that since more people are spending time at home, they will want to spend more to upgrade their living spaces.
Surely, it is a little early to explain how exactly the industry of the credit card will pan out in the future. When we take into account the current economic situation, we can expect the credit card transactions to see an increase in its numbers.
-
Reasons why Rs.10,000 invested in SBI Cards is worth Rs.6,700 now
SBI Cards during its initial public offering opened big. However, now the shares of SBI cards have fallen by 15% from the issue price of Rs.755 to Rs.505 which is a drop of more than 33%.
Hence, if you invested say Rs.10,000 on SBI Cards and Payments Services then the share currently is worth only Rs.6,700.
The reason why all this is happening is due to the outbreak of Coronavirus all over the world which has completely disrupted the movements of global markets including that of India as well. The situation has given rise to large scale unemployment with companies firing its employees. This was a major concern for investors, and they felt that due to the rise in unemployment there will be a significant rise in the number of people defaulting on their card bill payments forcing them to dump their shares.
SBI Card raises Rs.700 crore from banks
SBI Cards, the subsidiary of SBI (State Bank of India), has raised a sum of Rs.700 crore form a clutch of financial firms and banks that include its parent organization. The amount has been raised during the last 2 quarters of FY19 and it’s a move towards achieving high growth in the industry.
As per reports, Rs.100 crore was raised from ICICI Securities Primary Dealership Ltd., Rs.50 crore from Canara Bank, Rs.250 crore from SBI, and an amount of Rs.50 crore from Axis Bank. The amount was raised by issuing of non-convertible debentures at 9.15% coupon.
Another Rs.250 crore was raised from Axis Bank as NCDs at 9.55% coupon. The company is also tapping the huge customer base of SBI through Project Shikhar through which it is offering pre-approved cards to the eligible SBI customers.
Credit Card Deals on the Vivo Y17
Part of theVivoY-series, the recently launchedVivo Y17has beensmartly priced at Rs.17,990and would be up for sale onFlipkart,Paytm, Amazon,theofficial?Vivo?online store, andauthorised retail storesinthe country.
Individuals purchasingthe Vivo Y17 fromany of the online stores wouldenjoyan additional exchangeoffer of Rs.1,000on their purchase. These individualscan also availtheno-cost EMIoptionfor up to 9 months.
As a part of the launch offers, there is a 5% cashback withSBIdebit andcredit cards,EMIs starting at Rs.1,499,5%cashback on HDB paper financethroughcredit card down-payment,and no-cost EMIoptionsfor up to 12 months.Jiosubscribersare eligible for benefits worth Rs.4,000,and3TB of 4G data.
In terms of specifications, theVivo Y17sportsa 6.53-inch displaythat hasawaterdrop-style notch,theocta-coreMediaTekHelioP35SoC,.and triple rear cameras.It packs a powerful5,000mAh battery thatofferssupport fortheDual-Engine fast charging technology.
Thesmartphone offers a 13 MPprimary camera with f/2.2 aperture. It is accompanied by an 8 MPSuper Wide Angle camerathat has anf/2.2 aperture, and a 2MPdepth sensor with f/2.4 aperture.For clicking selfies, there’s a 20 MPselfiecamera with f/2.0 aperture at the front.
SBI Warns its Credit Card Users to Refrain from Online Trading
Certain credit card transactions are strictly prohibited through credit cards as perthe Reserve Bank of India’s(RBI)Foreign Exchange Management Act, 1999 (FEMA) and other applicable regulations.
The same has been reiterated by SBI to all its credit cardholders by sending an e-mail communication.
In the e-mail warning the SBI credit cardholders, the bankadvisedthe users not to conduct the following transactions using their SBI credit cards. The list includes –
- Buying lottery tickets
- Involving in Forex trading
- Conducting transactions including betting,sweepstakes andgambling
- Enrolling for call back services
- Purchasing banned magazines.
SBI further warned its customers to be extra cautious about the online advertisements promoted byforex trading merchants, casinos, hotels and websitesabout the above services luring the viewers to use their credit cards.
The bank also received cautionmessagesfrom the RBI to be extra vigilant about thecustomerswhoundertake online trading in foreign exchangewherethey initially remitmoneyfrom Indian bank accounts using credit cards or othere-channels to overseas websites and subsequently receive cash refunds from the same overseascompaniesinto their credit card or bank accounts, added SBI.
The RBI alsoadvisedSBI along with other bankstobe extra cautious aboutthe accountsthat areopened in the name of individuals at different bank branches for collecting the margin money, investment money, etc.,related tosuch transactions.
The apex bank further asked the banks to make their customers aware that any individualcollecting and remitting payments directlyorindirectly outside Indiatowards overseas foreign exchange tradingwould violatetheFEMA ACT as well as the Know Your Customer (KYC) norms or theAnti Money Laundering (AML) standards.
SBI thus warned its customers that any non-compliance with the guideline would make them liable and would lead to holding thecreditcard account.
Apply for SBI Add-on Credit Card and Get Benefits Worth Rs.5,850
Extend your SBI credit card benefits to your loved ones through SBI’s latest offer. The bank offers exclusive benefits of up to Rs.5,850 on popular brands including Apollo Pharmacy, Crocs, Gaana Plus, Joyalukkas, Pepperfry through their credit cards.
Existing credit cardholders can now share the benefits with their family by availing a complimentary add-on SBI card. Primary cardholders' spouse, parents, siblings, and children above the age of 18 can apply for SBI add-on credit cards at no extra costs. Up to two add-on credit cards can be availed on each SBI credit card in good standing.
The application process for SBI add-on credit cards is simple. You can call SBI credit card customer care or use your SBI net banking account to raise a request for add-on card.
The credit limit on add-on cards will be shared between the primary and the add-on cardholders. However, a single consolidated statement will be generated at the end of every billing cycle for all the cards. The same will be sent to the primary member only.
All the features offered by SBI credit card remain the same for add-on credit cards as well except for international usage. Primary cardholders need to enable international transactions on their card to allow add-on cardholders use the facility.
The offers as mentioned above are sponsored by Visa and are available for all SBI Visa credit cardholders, except corporate cards, to whom communication has been sent.
The vouchers are valid only on the add-on credit cards which are applied during the offer period which is 31 July 2019.
-
Credit Card Deals During The Mi Super Sale On Flipkart, Amazon, and Mi.com
The ongoing Mi Super Sale is offering a host of attractive deals and special discounts on some of the most popular smartphones from Xiaomi. The list of offers that can be availed includes no cost EMI, cashback and discount coupons through MobiKwik, Amazon Pay, Paytm and SBI credit and debit cards.
Customers can also get a chance to win devices and gadgets by playing the Cracker Ninja game or other such games offered by the company. Also, under the Mi Exchange program, customers can exchange their old smartphone for a brand-new
For the Redmi 6A 2GB RAM + 16GB storage variant, the special price during the sale is Rs.5,999. The discounted price for the 32GB storage model Rs.6,499. For the 3GB RAM + 32GB storage model of the Redmi 6, the discounted price is Rs.7,499. Customers who want to purchase the 64 GB internal storage variant of the Redmi 6 have to pay Rs.7,999 during the sale.
For the Redmi Go, Flipkart has listed the no-cost EMI options along with an extra 5% off with Axis Bank Buzz credit card.
-
Things To Do For Attempted SBI Credit And Debit Card Frauds
The use of digital payments in the country is growing at an unprecedented rate and credit and debit cards account for a major chunk of this highly impressive number. However, with the rising number of credit and debit cards, the number of card-related frauds in the country is also growing at a rapid pace.
So if you use an SBI credit or a debit card, it’s extremely important that you remain alert to detect any card-related fraud or attempted fraud. For instance, if you receive any intimation (say an OTP) about any transaction that has not been authorised by you, the first thing that you should do is get the card blocked.
The easiest way is to call SBI credit card customer care number and inform them about the incident. Another easy way is to block it through the net banking or mobile banking facility of SBI.
This should be your first response to the intimation of any unauthorised transaction through your cards. Once your card is blocked, you can visit the branch of SBI and get a new card issued for yourself.
