IOB Signs MoU with Mumbai Metro One for Ticketing Solutions
Indian Overseas Bank will facilitate the issuance of smart cards for regular commuters, along with paper ticket and QR-based ticketing solutions, marking a significant milestone in the integration of banking services with public transport infrastructure.
IOB Signs MoU with Mumbai Metro One for Ticketing Solutions
Indian Overseas Bank has entered into a strategic partnership with Mumbai Metro One Private Limited (MMOPL) to provide innovative ticketing solutions for commuters of Mumbai Metro Line 1, which connects Versova–Andheri–Ghatkopar.
Shri Ajay Kumar Srivastava, Managing Director & Chief Executive Officer of Indian Overseas Bank inaugurated the ceremony through video conferencing and Mr. Shyamantak Choudhury, CEO of MMOPL was also present
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The Memorandum of Understanding was signed in Mumbai on Thursday by Mr. Ranjay Kumar Mishra, General Manager, Mumbai Region, on behalf of Indian Overseas Bank, and Shri Shivprakash Singh, Company Secretary on behalf of MMOPL
Speaking on the occasion, Shri Ajay Kumar Srivastava, MD and CEO of IOB highlighted IOB’s commitment to leveraging technology for enhancing urban mobility. “Public transport is the lifeline of metropolitan cities, and IOB is proud to play a role in shaping the future of urban transit. This collaboration with Mumbai Metro One is not just about ticketing, it is about offering commuters secure, convenient, and cashless travel experiences. We also plan to extend such facilities to other metro networks across the country in the near future,” he said.
Read Also : IOB Signs MoU with Mumbai Metro One for Ticketing SolutionsUnder the MoU, Indian Overseas Bank will facilitate the issuance of smart cards for regular commuters, along with paper ticket and QR-based ticketing solutions, marking a significant milestone in the integration of banking services with public transport infrastructure. The solution will be fully integrated with Mumbai Metro’s ticketing APIs ensuring real time validation and instant confirmation.
Mumbai Metro Line 1, with average daily ridership of 4,50,000 commuters and more than 3 lakhs transactions in a day plays a vital role in easing congestion across the city. The partnership is expected to further enhance commuter convenience while promoting digital payment adoption in public transport.
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