CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The launch of the 'Nation First Transit Card' by State Bank of India (SBI), the country's largest lender, is a key step in improving the commuting experience and increasing digital payment uptake. This unique card is intended to support seamless and convenient consumer commuting experiences by providing simple digital ticketing fare payments across many modes of transportation, including metro, buses, water ferries, parking, and more, all through a single card. In addition, the card can be used to make retail and e-commerce purchases.
The Motive For The Nations First Transit Card
The Nation First Transit Card, powered by RuPay and National Common Mobility Card (NCMC) technology, has the potential to improve the commuting experience for millions of Indians, according to SBI Chairman Dinesh Kumar Khara. The card is more than simply a financial tool; it also represents SBI's dedication to the nation's growth and development.
Function Of SBI's NCMC
The NCMC function enables SBI customers to use their Debit Cards as travel cards on Metro Rail and Buses wherever this service is available.
The Reserve Bank of India (RBI) commissioned the Nandan Nilekani committee, which proposed the NCMC concept.
NCMC is an initiative supported by India's Ministry of Housing and Urban Affairs that aims to promote cashless transactions and provide commuters with a single payment platform. On March 4, 2019, this initiative was formally launched.
NCMC provides a comprehensive contactless transportation solution based on the RuPay platform established by the National Payments Corporation of India (NPCI).
NCMC functions as an automated fare collecting system, converting smartphones into an interoperable transport card that commuters will soon be able to use to pay for Metro, bus, and suburban railway services.
Increasing Access Through NCMC Technology
The Nation First Transit Card is just the beginning of SBI's efforts to modernize and streamline commuting experiences. In addition, the bank is focusing on integrating NCMC-based ticketing solutions in various metro systems throughout the country. Notably, SBI is nearing completion of NCMC ticketing systems in the MMRC Metro Line 3 and the Agra Metro, assuring that these services will be available to the public very soon. These projects will improve the efficiency of public transit and digital payment systems.
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