State-run Corporation Bank is considering launching a multi-utility cash card, which can be used as a debit, credit and pre-paid card, in the current year.
If the initiative fructifies, then Corporation Bank would be the first Indian bank to come out with a one-stop technical solution through a combo card — a fusion of credit, debit and pre-paid cards.
Though the combo card concept is widely accepted in developed countries, India is yet to witness its benefits by which a person can use a single card as a debit, credit, and pre-paid card.
However according to sources there are certain challenges the bank needed to address in terms of infrastructure.
Corporation bank has the infrastructure but the problem is there is no infrastructure at the user-end and one have to create that first. The facility can be made available at Corporation bank ATMs but then there were the ATMs of other banks and Point of Sales. So the plan can still take time for execution and implementation.