Mumbai: In order to increase its customer base, state run Corporation Bank plans to introduce a multi-utility cash card this year, which can be used as a debit, credit and pre-paid card. According to a bank official, once the card is launched, Corporation Bank would be the first Indian bank to introduce a one-stop technical solution through a combo card, reports PTI.

"We are planning to launch the combo card this year. However, we are still fine-tuning our plans. There is this proposal and we will launch a pilot program first, may be in Mumbai in the next six months," said Corporation Bank's General Manager B.R. Bhat.

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, Bhat said. But there were certain challenges the bank needed to address in terms of infrastructure, he added.