India’s largest bank teams up with the nation’s largest Warship

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  • INS Vikramaditya, the largest warship and latest aircraft carrier of the Indian Navy, has a strength of over 1500 personnel. A versatile national capability and a full-fledged township by herself, the ship has a new acquisition – an ATM machine installed onboard by the nation’s largest bank and banking network, the State Bank of India.
  • The facilities offered by the State Bank of India to the ship include cash withdrawals, generation of mini-statements, access to bank balance details and change of PIN numbers. In the near future, the facility will be upgraded to a recycler machine with a cash deposit facility.
  • Additionally, facilities like cash transfer, Card-to-Card transfer, Credit Card payment, mobile number registration and updation would also be available. The Indian Navy has a Memorandum of Understanding with the State Bank of India that operates Defence Salary Packages.
  • This joint venture between India’s largest warship and largest banking network is a significant step towards cementing the partnership between the Navy and the bank further, underlines the mutually supportive relations the two organisations share.
  • The ATM machine is a unique floating banking system, and along with the Point of Sale machine that is also proposed to be installed onboard, would go a long way in supporting cashless transactions on the ship, in line with the government’s policy of digitising the India economy.