Manipal: State Bank of India and Manipal University launched a "combo card" for the students of the university here on Tuesday.

The card is said to be the first of its kind all-in-one product incorporating features of ATM-cum-debit card, student identity card, access card, library card and card for payment of fees and medicare.

The card, which is issued free of cost, can also be used in food courts across Manipal.

Speaking after launching the card, Chairman of SBI O.P. Bhatt said that the bank was the largest provider of educational loans. Nearly two lakh students had been given loans to the tune of Rs. 3,000 crore, he said.

He said that over 8,000 branches of the bank were networked under the core banking solutions. The bank would be adding 3,000 ATMs to its existing network of ATMs, Mr. Bhatt said.

The bank intended to set up one lakh kiosks in rural areas to give a fillip to rural banking. It also had plans to introduce biometric cards in rural areas. The bank had tied up with Bharti Airtel for mobile banking facility, he added."This card is a pioneering initiative from SBI to encourage cashless transactions by students, while also enabling the university to improve its administrative efficiency. We have leveraged technology effectively to develop a revolutionary product. SBI has deployed seven ATMs and five point-of -sale terminals on the university campus to enable the students to make various payments. We shall consider rolling out this card to other premier institutes shortly," Mr. Bhatt said.

Mahpara Ali, Chief General Manager, SBI, Bangalore Circle, said that the card was developed exclusively for the university and its students.

Ramdas Pai, president of the university, said, "Our association with SBI has developed and deepened in the last two years. We are thankful to the bank for providing our university and students with such a wonderful product."

H.S. Ballal, pro-chancellor of the university, welcomed the gathering.

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