IndianOil teams up with SBI to launch a power-packed co-branded RuPay debit card

Mumbai: Raising the bar with newer offerings for the customers in the New Year, India’s largest fuel retailer, IndianOil, has now teamed up with State Bank of India (SBI) India’s largest bank, to launch the IndianOil – SBI co-branded RuPay Debit Card.

The IndianOil – SBI co-branded RuPay Debit Card was launched by Mr. Shrikant Madhav Vaidya, Chairman, IndianOil; and Mr. Dinesh Kumar Khara, Chairman, SBI, in a virtual ceremony held today.

The features of the card are: 
•6X Reward Points for every Rs. 200/- spent at IndianOil fuel stations
•Fuel benefits - Cardholder earns loyalty points worth 0.75% against purchase of fuel at IndianOil fuel stations 
•Pay with a tap (contactless card) for a single transaction of up to Rs. 5000/-
•Earn Reward Points on spends on dining, movies, grocery, and utility bills
•Redeem Reward Points for dining, movies, grocery and paying utility bills
•No monthly limit for purchasing fuel 
•SBI-IndianOil Co-branded RuPay Debit Card can be issued anywhere in India
•Apply for card by visiting SBI’s home branch.

Speaking on the occasion, Mr. Shrikant Madhav Vaidya said, “We are proud to partner with SBI, having the largest number of debit cardholders in the country, to bring unmatched convenience to our fellow citizens. This power-packed card is backed by the unparalleled reach of IndianOil and SBI across the country. It will be an ideal mode of payment for customers in the current pandemic situation to opt for cashless and hassle-free payment. With this new tie-up, IndianOil is happy to expand its presence in the fast-developing debit card ecosystem in India, with an aim to offer attractive rewards and benefits for our customers. IndianOil has been a pioneer in promoting cashless and digital transactions with more than 98% of our vast network of 30,000 fuel stations capable of accepting credit/debit card/wallet payments. This initiative will also promote digital payments and is in line with the Government’s vision of a Digital India,” he added.

Commending the partnership between SBI and IndianOil, Mr. Dinesh Khara, Chairman, SBI said, “We are pleased to launch the ‘SBI-IndianOil contactless Rupay Debit Card’ through our strategic partnership with Indian Oil Corporation Ltd. We believe this co-branded card, with ‘Tap and Pay’ technology, several attractive benefits, and associated offers will provide a rewarding experience on the purchase of fuel to the cardholders.  Fuel cards are specially designed to save money every time an individual refills his vehicle with fuel. This tie-up with IndianOil will reward all the cardholders of SBI-IndianOil co-branded debit Card with enhanced loyalty points,” he added. 

The SBI IndianOil Debit Card has been launched across India. A customer, anywhere in India, can get the card by visiting the SBI’s home branch. It is a contactless card and transactions up to Rs. 5000/- can be paid for with just a tap. Cardholders can avail of several benefits on fuel purchases at IndianOil petrol pumps. 

About IndianOil:
IndianOil is a diversified, integrated energy major with presence in almost all the streams of oil, gas, petrochemicals and alternative energy sources. It is a world of high-calibre people, state-of-the-art technologies and cutting-edge R&D; a world of best practices, quality-consciousness and transparency where energy in all its forms is tapped most responsibly. IndianOil aspires to be The Energy of India and is ranked 151st among the world's largest corporates in Fortune's 'Global 500' listing. With a 33,500-plus work-force, extensive refining, distribution & marketing infrastructure and advanced R&D facilities, Indian oil has provided energy access to millions of people across the length and breadth of the country through its ever-expanding network of customer touchpoints, currently numbering over 50,000. With a turnover of Rs. 5,66,950 crore for the fiscal 2019-20, IndianOil is one the largest and most trusted corporates in the country, touching the lives of over a billion Indians.   

It has subsidiaries in Sri Lanka, Mauritius, the UAE, Singapore, Sweden, USA and Netherlands. It is pursuing diverse business interests with over 20 joint ventures with reputed business partners from India and abroad to explore global opportunities.
Visit www.iocl.com to know more. 

About State Bank of India:
State Bank of India (SBI) is the largest commercial bank in terms of Advances, Deposits, Branches, customers, and employees. It is also the largest mortgage lender in the country. As of September 30, 2020, the Bank has a deposit base of over Rs. 34 lakh crore with CASA ratio of more than 45% and advances of nearly Rs. 24 lakh crore. SBI commands a market share of a little over 34% in home loans and about 32% in the auto loans segment. The Bank has the largest network of almost 22,300 Branches in India with an ATM / CDM network of close to 58,800 and total BC outlets of more than 66,500. The number of customers using internet banking facilities is nearly 81 million and mobile banking services stand a little more than 18 million. The integrated digital and lifestyle platform by SBI - YONO has crossed the figure of 66 million downloads. YONO has 28.5 million registered users, witnesses between 7.5 to 8 million log-ins per day. In October 2020 alone, SBI disbursed an average of over 3500 personal loans and around 9700 Agri gold loans on a daily basis. The Bank recently launched the YONO Global app in the UK and Mauritius and plans to cover 9 more countries by the end of 2020. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

Read Also : Vice Admiral Dinesh Kumar Tripathi appointed as next Chief of the Naval Staff