State Bank of India (SBI) and IndianOil (IOCL) launch a Co-branded Contactless RuPay Debit card

State Bank of India (SBI) and IndianOil (IOCL) launch a Co-branded Contactless RuPay Debit card
State Bank of India (SBI) and IndianOil (IOCL) launch a Co-branded Contactless RuPay Debit card

State Bank of India (SBI) and IndianOil (IOCL) launch a Co-branded Contactless RuPay Debit card

Mumbai, January 07, 2021: Raising the bar with newer offerings for the customers in the New Year, India’s largest fuel retailer, IndianOil, has now teamed up with SBI, India’s largest lender, to launch the SBI-IndianOil Co-branded RuPay Debit Card.

The SBI-IndianOil Co-branded RuPay Debit Card was launched by Mr. Dinesh Kumar Khara, Chairman, SBI and Mr. Shrikant Madhav Vaidya, Chairman, IndianOil, 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 upto 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.

Mr. Dinesh Kumar Khara, Chairman, SBI said, “We are pleased to launch the ‘SBI - IndianOil contactless Rupay Debit Card’ through our strategic partnership with IndianOil Corporation Ltd. We believe this Co-branded Card, with ‘Tap and Pay’ technology, several attractive benefits and associated offers, would not only provide a rewarding experience on purchase of fuel to the cardholders, but also simplify the everyday purchases of customers with secure and convenient contactless payments. This Co-branding tie-up between the country’s largest companies in their respective field will provide an opportunity to customers with an enriched card and enhanced loyalty points. At SBI, our consistent endeavour is to offer a differentiated and customised experience to our diverse set of customers in terms of their regular spends and transactions. Fuel cards are specially designed to save money every time an individual refills his vehicle with fuel. SBI aims to be the Banker to Digital India and has been at the forefront of all digital initiatives in the banking space. We are committed towards increasing the share of digital initiatives in products, services and transactions. This tie-up with IndianOil is one such initiative which will reward all the cardholders of SBI-Indian Oil Co-branded Debit Card with enhanced loyalty points.” 

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 upto Rs. 5000/- can be paid for with just a tap. Using it, cardholders can avail fuel benefits and loyalty points worth 0.75% against purchase of fuel at all retail outlets IndianOil fuel stations. There is no monthly limit for purchasing the fuel. Customers can also earn reward points for spends on dining, movies, grocery and utility bills. The reward points can similarly be redeemed for dining, movies, grocery and utility bills.

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 alignment with the Government’s vision of a Digital India.”

About State Bank of India:

State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. As on 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 which has 28.5 million registered users, witnesses between 7.5 to 8 million logins 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. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

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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 and delivered to the consumers most affordably. 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, IndianOil has in the past six decades 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.
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