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.
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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.
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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.
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Exciting cashback offers on SBI Cards used at Duty Free Shops
SBI Cards has partnered with the State Bank of India (SBI) along with Flemingo Duty Free to offer cashback opportunities for the cardholders. SBI cardholders can receive cashback for purchases worth Rs,3,199 or more at duty free shops at the International Airports of Ahmedabad, Calicut, Amritsar, Dabolim, Mangalore, Jaipur, Trichy and Lucknow. The cashback offer can be availed for all SBI Credit Cards. It is not applicable for Corporate Credit Cards and Rupay Debit Cards.
The SBI credit cardholders can get a maximum cashback of Rs.1,500 for up to three monthly transactions. The offer is valid till 31 March 2019. The amount will be credited to their account within 45 days after month end date. The offer will not be valid in case of full cancellation. However, in case of partial cancellation, the offer will be applied based on the amount paid.
SBI Cards has also teamed with Hyderabad Duty Free stores to offer a cashback of 5% on transactions worth Rs.3,000 and above. They are eligible for a cashback of up to Rs.1,500 in one month.
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Credit Card Deals On The OnePlus 6T During The Amazon Great Indian Sale
The Amazon Great Indian Sale is offering some attractive and exciting deals on the highly popular smartphone - the OnePlus 6T. The deals will be live until 23rd January and by availing them, customers can purchase the smartphone with a huge discount.
During the deal, the OnePlus 6T is being offer at a discount of Rs.3,500 and hence its effective price is Rs.34,499. There’s also the 'OnePlus Assured Upgrade' program that provides a guaranteed buyback value of 70% of the device’s purchase value.
The OnePlus Upgrade Programme can be opted for an additional price of just Rs.199. The special price of the OnePlus 6T is for the 6GB + 128GB variant of the phone.
Also during this special sale, SBI credit cardholders can avail a cashback of up to Rs.1,500 on all EMI transactions. Customers can also avail a discount of Rs.2,000 when they exchange their old smartphone for the OnePlus 6T.
Apart from Amazon.in, the smartphone is also available for purchase at Oneplus.in, all Croma outlets, select Reliance Digital stores, and OnePlus exclusive offline stores.
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SBI Ties Up With Hitachi For Boosting Up Digital Payments
Japan's Hitachi is set to enter into a partnership with the State Bank of India (SBI), India’s largest lender for establishing digital payments platform and card acceptance in the country. 26% stake of the SBI Payment Services will be acquired by Hitachi Payments Services and the organizations would be applying for regulatory approvals. SBI was in search of a partner to transfer the business of credit card swipe machine deployment.
SBI, which has over 420 million customers and 6,00,000 Point of Sale terminals, believes that the infrastructure of payment system in the country, which stands at 2,500 PoS per million people, is still weak. The aim of the partnership is to enhance the payment scenario in the country through the introduction of a modern and digital payment platform.
Hitachi Payments is already managing over 0.85 million PoS devices and 55,000 ATMs in the country. It also provides technology, deployment services, and management services for digital acceptance and card payment network to SBI.
Both the parties are optimistic about the joint venture considering SBI’s branch network, massive customer base, and brand trust and Hitachi’s modern technologies.
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Consumer Court Asks Sbi To Pay Rs.15,000 Fine In Credit Card Dispute
A consumer court has slammed the State Bank of India for issuing and later renewing a credit card to a couple without its consent.
In 2001, SBI had offered a free credit card to Dr Anil Pandey even though he didn’t want it. The following year, his wife was also given a supplementary credit card. Even though he requested the bank to cancel it, the bank didn’t do anything. In the October 2002 credit card statement of his wife, Rs.262 was levied as bank charges which was followed by Rs.525 in the next statement as the annual fee. An additional Rs.68 was charged as the interest.
Then a notice sent in March 2013 asked Dr Pandey to pay Rs.23,218 against his purchases with the card between 2001 and 2002. He told the court that he was never served any statement for the alleged purchases before the notice was sent. He claimed that this is against RBI guidelines.
The court, in its judgement, said that issuing credit card without the consent of the holder and then demanding the credited money beyond the stipulated period is wrong. The notice was nullified by the court and the bank was asked to pay Rs.15,000 compensation to Dr Pandey.
