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February 15, 2018

Indian Oil and Ratnakar Bank release co-branded prepaid card

Indian Oil, an oil and gas company, has partnered with Ratnakar Bank (RBL) to launch a new co-branded prepaid card for its customers in India.

Available for people even without a bank account, the IndianOil RBL Prepaid Card can be used for fuel-based transactions at majority of the IndianOil outlets, as well as for other non-fuel purchases.

The card can be loaded with cash at certain retail outlets or online using NEFT, IMPS and UPI. In addition to reward points for fuel or lubricants purchases, the card offers 0.75% cashless incentive from IndianOil.

IndianOil executive director of Retail Sales, DK Sharma said: “With the introduction of this platform, our dealer partners have been provided with an important tool to effectively service our customers and hence, a series of innovations can be expected in days to come.

“With the complementary efforts of RBL Bank, we are confident that they will tell us where the opportunities lie so that customers can be benefitted.”

The company’s chief general manager of Madhya Pradesh State Office, Vigyan Kumar added that the card is the first such product in the oil industry to provide a platform for both attracting and retaining customers.

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