IOC-Corporation Bank deal to set up ATMs

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Mangalore, Apr 30: Indian Oil Corporation Limited (IOC) and Public Sector Corporation Bank has signed a Memorandum of Understanding (MoU) to set up ATMs at select IOC retail outlets across the country and financial assistance by the Bank to the dealers to set up 'Kisan Seva Kendras.' The MoU was signed by Mr K R Sureshkumar, General Manager, IOC, (Retail Sales) and Mr Bhat, General Manager, Corporation Bank yesterday.

Speaking on the occasion, Mr Bhat said the objective of setting up ATMs in IOC retail outlets was to provide banking facilities to customers on the move. This would enable the bank to service a large number of customers.

Mr Sureshkumar said Kissan Seva Kendras, the small format retail outlets of IOC, predominantly sell diesel besides other inputs like, fertilizers, seeds and farm implements creating substantial employment opportunities in the rural areas.

The financial assistance from Corporation Bank would help the dealers chosen by the oil company to set up the outlets as well as meeting their working capital requirements, he added.


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