Green Remit Card – New Businesses Department, State Bank of India

Nomination category: Financial Inclusion
Sub Category: Access to banking and financial services
Reference No. FIPS2013/awards/118

Details of Programe/Project/Initiative

Brief Description Green Remit Card is a simple magstripe card wherein the beneficiary’s account is mapped to the unique card number. By swiping the card on a device at a GCC terminal (a regular Point of Sale terminal which is linked to the Teller’s machine which gathers required details from the card), the user can remit money into the beneficiary’s account. GRC can also be used in a Self Service mode at Cash Deposit Machine (CDM), (a Cash Accepting ATM,) kept outside the branch premises with 24X7 accessibility.
Objective To reduce transaction time and paper usage for walk-in customer transactions
Target Group Customers using bank’s extensive branch network as a remittance channel
Geographical Reach within India Over 8500 branches all over India
Geographical Reach outside India NA
When did it became operational 2-1-2012
Is it still operational yes
Five points that make the Product/Programme/Project/Initiative innovative 1. Usage of simple technology to reduce usage of paper and transaction time

2. Easy to use interface for the common man

3. Instant remittance and acknowledgement through SMS alerts to both remitter and beneficiary

4. Card holder need not be an account holder, walk-in customers migrated to electronic channel

5. No transaction charges when used at Cash Deposit Machines

Five key achievements of the Product/Programme/Project/Initiative: 1. Decongestion of branch counters

2. Promotion of card based transactions among lower strata of society

3. More than 2 million cards issued as on date, more than 4 million transactions migrated to this channel

4. Immense cost and time saving and accuracy in accounting achieved through this product

Five key challenges faced while implementing the Product/Programme/Project/Initiative and how they were overcome 1. The cards were offered to customers for free till July this year to popularize the product among walk-in customers

2. Incentives and sharing of success stories at heavily congested branches helped overcome branch officials hesitation to encourage walk-in customers to use the electronic channels

3. Initial technical glitches for integration with existing GCC and CDM network were overcome with constant monitoring and encouragement of top management

Five points that make the Product/Programme/Project/Initiative replicable: 1. The card is a generic magstripe card, similar to any other debit/credit/ATM card.

2. GCC terminals are generic PoS terminals with proprietary software which communicates with UI of our existing, robust core banking solution

3. Required no change in the core banking solution as the GRC solution was built outside the framework of the existing core banking and ATM network

Five points to elaborate on the scalability of the Product/Programme/Project/Initiative: 1. Beneficiary account can be any account that is connected to the core banking solution

2. Cards can be issued by any branch of the bank and may be used at all 1000+ CDMs and 8500+ GCC enabled branches. Scale increases with penetration of GCC terminals and CDMs

3. Multiple cards may be issued for the same beneficiary account and may be used by small scale distributors for managing cash.