Kochi Metro Rail (KMRL) will enter an MoU with Axis Bank for setting up an automated fair system. The bank will be the metro’s partner and invest the full amount required for Kochi Metro’s Automated Fare Collection (AFC) system. The bank has agreed to pay Rs 209 crore asroyalty to KMRL for a decade. As per plan, KMRL and Axis Bank will issue co-branded debit cards to metro commuters. As much as 20% of Axis Bank’s gross revenue from the utilization of this smart debit card for non-commuting purposes will also go to KMRL over the 10-year period.
