SBI and Bangalore Metro Rail Corporation Limited (BMRCL) today launched SBI-Debit-Cum-Transit card, designed to facilitate hassle-free travel in the upcoming mass transport system.
SBI and Bangalore Metro Rail Corporation Limited (BMRCL) today launched SBI-debit-cum-transit card, designed to facilitate hassle-free travel in the upcoming mass transport system.
Besides acting as a transit card, the SBI-debit-cum-transit card can be used for ATM transactions, at shops and malls and also at the bank's green channel counters, SBI officials said.
The card, which consists of an e-purse that facilitates storing rupee value for travel in 'Namma Metro,' was launched at a function attended by, among others, SBI Chairman Pratip Chaudhuri. The e-purse can be topped up through any of SBI's banking channels like ATM, mobile and internet banking apart from cash.
BMRCL Managing Director N Sivasailam said the card was the first of its kind in the world, adding such an initiative was expected to be introduced for London metro commuters only next year. He said once the 'Namma Metro' line develops, BMRCL would come up with fresh offers for other banks to come out with a similar card initiative.
Sivasailam thanked SBI for giving a loan of Rs 850 crore at an interest rate of base rate-plus-0.75% at a time when it's not easy to get such loans even at base rate-plus-two per cent. Bangalore metro is yet to become operational, but he said RDSO (Research, Design and Standards Organisation under Railways) has completed oscillation trials on 'Namma Metro' Reach-1 stretch from M G Road to Byapanahalli, with a total of six stations.
RDSO report is expected by next week, he said, adding, once it is received it would be sent to the Railway Board for fresh certification, to be followed by Commissioner for Metro Rail Safety undertaking inspections. Sivasailam declined to commit a date for starting commercial operations on Reach-1, saying, "certification is not under (our) jurisdiction or control".
SBI stock price
On July 31, 2015, State Bank of India closed at Rs 270.40, up Rs 13.50, or 5.25 percent. The 52-week high of the share was Rs 335.90 and the 52-week low was Rs 234.52.
The company's trailing 12-month (TTM) EPS was at Rs 17.32 per share as per the quarter ended March 2015. The stock's price-to-earnings (P/E) ratio was 15.61. The latest book value of the company is Rs 169.77 per share. At current value, the price-to-book value of the company is 1.59.
Set email alert for
ADS BY GOOGLE
video of the day
See retail join party soon, earnings jump from Q4: Kotak MF