Reported by: banking|Updated: January 15, 2021
A new RuPay co-branded debit card has been introduced in the market. State Bank of India and oil retailer Indian Oil Corporation are joining hands to bring the SBI-Indian Oil Co-branded RuPay debit card, which was launched on the new year by SBI Chairman Dinesh Kumar Khara and Indian Oil Chairman Shrikant Madhav Vaidya. The new debit card offers 6X Reward Points for every Rs 200 spent at Indian Oil fuel stations, cardholders can earn loyalty points worth 0.75% against the purchase of fuel at Indian Oil fuel stations, Pay with a Tap (contactless card) for a single transaction of up to Rs 5000 and no monthly limit for purchasing fuel. Dinesh Kumar Khara said this co-branded card with ‘Tap and Pay’ technology will offer several attractive benefits and associated offers and would not only provide a rewarding experience on the purchase of fuel to the cardholders but also simplify the everyday purchases of customers with secure and convenient contactless payments. Shrikant Madhav Vaidya said this power-packed card is backed by the unparalleled reach of Indian Oil and SBI across the country. It will be an ideal mode of payment for customers in the current pandemic situation to opt for cashless and hassle-free payment, he added.