Mumbai, 10^th March, 2023.

Kotak Mahindra Bank Limited (“KMBL”/Kotak) and IndianOil today launched a highly rewarding, co-branded fuel credit card.The IndianOil Kotak Credit Card is available on the RuPay network.

IndianOil is the largest oil marketing company, with a network of over 34,000 fuelstations in the country.IndianOil Kotak Credit Card customers can earn reward points on refueling at any of theIndianOil fuel station in the country. These reward points can be redeemed to get free fuel at IndianOil fuel stations.

At an event organized in the city, the card was launched by Mr. Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank Ltd; Mr. Frederick Dsouza, Business Head – Credit Cards, Kotak Mahindra Bank Ltd; Mr.Vigyan Kumar, Executive Director (Retail Sales- North & East), Indian Oil and Ms. Praveena Rai, Chief Operating Officer, National Payments Corporation of India.

Key featuresof IndianOil Kotak Credit Card:

·         Earn 4% back as reward points on refueling at IndianOil fuel stations – up to Rs 300 per month

·         Earn 2% back as rewards points on dining, grocery and other payments – up to Rs 200 per month

·         Earn 1% fuel surcharge waiver – up to Rs 100 per month

·         Interest – free credit period up to 48days

·         Smart-EMI

·         Zero lost card liability

·         Contactless card - Tap and pay

 “We are very excited to have a fuel proposition in our product offering. The product has been designed to encourage customers to put all their purchases on this card. The strong brand and distribution network of IndianOil is a great strength of this partnership. The Rupay platform will help us extend innovative payment solutions to customers and drive wider adoption of digital payments,” says Mr Frederick Dsouza, Business Head – Credit Cards, Kotak Mahindra Bank Ltd.

Speaking about the collaboration, Mr. Vigyan Kumar, Executive Director (Retail Sales- North & East), IndianOil, said, “IndianOil is committed to a Digital India, as envisioned by our Hon’ble Prime Minister and with this partnership, IndianOil is taking yet another concrete step towards ensuring digital interactions at all our fuel stations. Bettering our customer value propositions and experiences has always been a priority for us at IndianOil, and I am confident that this collaboration with Kotak Mahindra is a perfect addition to our bouquet of seamless and enhanced offerings to our customers. I am also happy to share that the IndianOil Kotak Credit Card will be exclusively launched on RuPay platform, strengthening the AatmaNirbhar Bharat vision of the Government of India.”

“NPCI is always committed to deliver customer-first experiences. For us, innovation and technology are the key instruments to drive towards a better and greater consumer experience and we are constantly working towards bringing in simplified and best-in-class offerings for our customers. The Indian Oil Kotak RuPay Credit Card will give the cardholders a host of privileges on fuel, grocery and dining spends, creating a seamless payment experience with RuPay Contactless technology,” says Mr. Rajeeth Pillai, Chief – Relationship Management and Marketing, National Payments Corporation of India.