IndusInd Bank, in partnership with Indraprastha Gas Limited (IGL) - one of India's largest CNG companies- will be the sole provider of prepaid CNG smartcards for commercial and private vehicles, facilitating cashless transactions at all IGL's CNG gas stations.
The card was launched recently at an event in New Delhi by Dharmendra Prasad, Minister for Petroleum & Natural Gas, Skill Development and Entrepreneurship.
"At IndusInd Bank, we are committed to being a catalyst for the digital revolution in India. Products like the smartcard help introduce cashless payments and bring convenience into the daily lives of countless commercial drivers, transport operators and private vehicle owners in India," said Ramesh Ganesan, Head of Transaction Banking Group, IndusInd Bank.
Roopa Satish, Country Head - Corporate, Institutions & Investment Banking, IndusInd Bank talked about the Bank's overall goals. "CNG is a greener alternative to traditional fuels. Supporting CNG with a digital payment solution combines two of our strategic focus areas at IndusInd- digitisation and environmentally sustainable banking."
In keeping with Government of India's agenda to increase digital payment capacity, all of IGL's institutional clients will use the smartcards at the point of purchase.There are three versions of the product, curated for specific customer needs:
The "Retail Card" for individual cars, autos, taxis and goods vehicles owners, is particularly useful to customers that have limited digital banking options and are forced to rely on cash as the primary form of payment.
The "Fleet Card" version of the smartcard, geared towards owners of commercial vehicle fleets, will simplify the cumbersome process of tracking fuel usage, obtaining and verifying individual bills and processing reimbursements.
The "Cluster Program" like the Fleet Card is a complete management solution for Cluster bus Operators operating under Delhi Integrated Multi Modal Transit System (DIMTS).
These CNG smartcards are the latest offering in IndusInd Bank's growing repertoire of digital initiatives and sustainable banking products.