The State Bank of India (SBI) has announced the launch of a pre-paid card, State Bank Smart Payout Card, to provide unbanked people with an alternative to bank accounts.

The State Bank Smart Payout Card targets at blue-collar workers, contract labourers and who employees of small & medium enterprises who do not have a bank account.

The card is apt for workers whose monthly salary is not less than Rs 10,000.

The card, which will allow card-holders to withdraw cash at any ATM of state-run lender as well as its associate banks free of cost and at other banks' ATMs for a nominal fee, will be available at all branches of the lender throughout the country.

Card-holders will also be able to use it at point-of-sales (POS) terminals at merchant establishments as well as on websites that accept Visa cards for buying things online. In addition, the card can be used as an add-on for existing account-holders on the Visa network.

R K Saraf, deputy MD of Corporate Strategies & New Businesses at SBI, said, "The exercise is aimed at financial inclusion. It will help garner low cost current and savings account (CASA) deposits. Using such cards customers can transfer money from one place to the other."

Saraf added that the bank was in talks with small & medium enterprises to sell cards among their employees.

SBI, currently, boasts a base of 11 crore debit cards while at group level the base expands to 13.6 crore.