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India
19 Apr 2017

SBI begins charging people for credit card payments

SBI now charges for small payments

In a new initiative, SBI Card, the bank's credit-card wing, will charge users a Rs. 100 fee for all credit card payments under Rs .2000.

The fee will be imposed only on payments below Rs. 2000 and on payments made by non-SBI cheques. The charge has been in effect from 1 April.

SBI said the charge was meant to promote digital-means of bill payments.

In context

SBI now charges for small payments

Digital India

Govt signals time to go digital with payments

In December 2016, Finance Minister Arun Jaitley hinted that it was time the country moved toward digital payments.

He said new schemes would make cash transactions costlier, and disclosed multiple incentives (discounts on fuel, highway toll, railway tickets etc.) for people who choose to make their payments digitally.

Several banks, including SBI began implementing such measures to promote digital banking.

All accounts should have net banking: Govt

In March 2017, the government made it mandatory for all bank accounts to have the net banking facility. The government also said it was mandatory to link all accounts to Aadhaar cards as well.

19 Apr 2017

SBI begins charging people for credit card payments

In a new initiative, SBI Card, the bank's credit-card wing, will charge users a Rs. 100 fee for all credit card payments under Rs .2000.

The fee will be imposed only on payments below Rs. 2000 and on payments made by non-SBI cheques. The charge has been in effect from 1 April.

SBI said the charge was meant to promote digital-means of bill payments.

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Small cheque payments cause inconvenience: CEO

Vijay Jasuja, CEO, SBI Card said "We have observed a trend of payment-related disputes arising in small cheque payments, causing inconvenience to customers as well." The move was meant to discourage cheque based payments.

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