Indian Navy and the State Bank of India on October 4 launched ‘Nav-eCash’ card, a unique e-cash card that can work in both online and offline mode.
On the launch of Nav-eCash card, Navy Chief Admiral R Hari Kumar said, “India is leading the world with over 100 billion digital financial transactions being recorded annually and the number is steadily growing.”
This is a giant step as India eyes complete Self-reliance and digital transformation. The SBI Nav-eCash card will be implemented pan Navy.
“This system is ready for implementation in every domain where there are restrictions on real-time internet connectivity or internet usage or there is non-availability of internet due to being in a remote location,” Chief Admiral Kumar was quoted as saying.
Taking inspiration from India’s growing digitalization, the Indian Navy initiated its first step as an idea by one of thier officers, Captain Vasu Dheeraj, towards a cashless and digital Indian Navy in 2020 by developing a business model and proof of concept with a startup for offline transactions at the high seas based upon a dual chip card system.
The project has been brought to life by the State Bank of India, which took the initiative forward by embedding the offline solution into their existing online solution and paving way for the maiden trials on board INS Vikramaditya in 2021.
Navy Chief Admiral R Hari Kumar also informed about the Indian Navy’s decision to be totally Aatmanirbhar by 2047 and mentioned that the global scenario has made it clear that self-reliance is a strategic necessity.