Bangalore Metro Rail Corporation (BMRC) managing director N Sivasailam said that this was the first of its kind in the entire world. “To avail this facility, people have to apply for this card through SBI. Later, other banks could also take such initiatives.” He also said that the debit-cum-travel card was the first of its kind service in the world, a facility which is expected to be introduced in London metro only next year. The card consists of an e-purse facility to store money for travel in Namma Metro. The e-purse can be topped at the nearest ATM or through mobile banking (SBI Freedom) or internet banking apart from cash.
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Carry no cash for the metro ride
In London anyone who wishes to use any public transport may buy a Card against advance payment, which has the London Transport System Symbol embedded on it. The Card is linked to the Bank credit/debit card. Wherever these cards are accepted, the symbol that appears on the card is displayed and automated touch systems are enabled. In case of metro, underground, over ground, tube, tram, etc, symbols are displayed at the entrance and as well as at the exit of all the stations and terminals. Once the contact is made with the card against the symbol, journey fare is deducted from the card automatically. When the credit available in the card falls below the minimum balance, the charge account is automatically debited and recharged to the Card. There is absolutely no necessity to go to either the nearest ATM or use mobile banking (SBI Freedom) or internet banking or pay cash to top up the Travel Card. It is similar to a bank account debit card. These cards are transferable. By using the card one can save up 40% of the normal fare.
The report says that
The report says that ‘’Now you can travel in Namma Metro with your debit cards’’ and it also states that to avail this facility, people have to apply for this card through SBI. Later, other banks could also take such initiatives. What prevents Namma Metro from issuing a travel card by themselves?
“The card consists of an e-purse facility to store money for travel in Namma Metro. The e-purse can be topped at the nearest ATM or through mobile banking (SBI Freedom) or internet banking apart from cash. Why auto recharge system/top-up is not provided in the system?
Besides acting as a travel card, the SBI-Debit-Cum-Transit card can be used for ATM transactions, at shops and malls and also at the bank’s green channel counters. Since it is a Debit cum Transit Card, will it attract maintaining account with SBI?
BMRC also claims in the report that the debit-cum-travel card was the first of its kind service in the world, a facility which is expected to be introduced in London metro only next year. The existing system followed in London metro appears to be hassle free and commuter friendly.
It is also reported that SBI has given a loan of `850 Crore at an interest rate of base rate-plus-0.75 per cent at a time, which may works out to anywhere around 11.00% P A. SBI may also get other benefit from Namma Metro by way of low cost deposits and other charges for their services.