Navy Chief Admiral R Hari Kumar announced a collaboration between the Indian Navy and State Bank of India to introduce the Navy E-Cash Card, which will function both online and offline. He mentioned that the card is expected to be officially launched during the Swavalamban seminar and has undergone testing on various Indian Navy warships, including the aircraft carrier INS Vikramaditya.
Admiral Hari Kumar emphasized that the current global landscape underscores the strategic importance of self-reliance. The Indian Navy aims to achieve full self-sufficiency by 2047. India records a staggering 100 billion digital financial transactions annually, solidifying its position on the global stage. These transaction numbers continue to grow steadily, inspiring the Indian Navy to introduce the Navy E-Cash Card.
The idea for this initiative was conceptualized by Navy officer Captain Vasu Dheeraj in 2020. An existing online solution was adapted to include offline functionality. Trials of a dual-chip card, enabling offline transactions at sea, were successfully conducted on INS Vikramaditya in 2021. Subsequently, the Indian Navy and State Bank of India joined forces to implement this innovative scheme.
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