IndianOil and Citibank have unveiled India’s first co-branded
debit card. Mr. J.M.Gugnani, Executive Director (Sales), IndianOil, Mr.
Sarvesh Sarup, Global Consumer Bank Head, Citibank India and Mr. Sameer
Vakil, Vice-President and Country Manager, South Asia, Master Card
International, unveiled the new look card.
This card would be available to both new and existing Citibank Suvidha
and Banking customers across the existing 15 cities in India where
Citibank has branches and all new branches going forward. They can opt
for this card, at the time of opening their account with Citibank, and
existing customers can get the Card on request. The IndianOil Citibank
Co-branded Debit Card will function both as a Debit and an ATM card,
providing customers with an online access to their account while they
shop or withdraw cash. This card is based on the Maestro platform,
MasterCard’s online direct access payment mechanism.
The salient features of this unique debit card are:
* There is no transaction fee on usage of the debit card at
IndianOil retail outlets
* For every Rs. 100 spent at IndianOil retail outlets using the
IndianOil Citibank debit card, the customer will earn 2 reward
points. Similar purchase at other locations earns the cardholder
one reward point per Rs. 100. All reward points can be accumulated
and redeemed for free petrol, SERVO engine oils at IndianOil
retail outlets. In addition there is a wide range of special
offers on batteries, tires etc.
* The debit card will also function as an ATM card, providing
customers online access to their accounts.
Mr. Gugnani, Indian Oil speaking on the occasion said,”Indian Oil has a
bouquet of cards that fit almost all possible categories- The IndianOil
Citibank credit card, PowerPlus Fleet Card, Indian Oil Myshoppe card and
now with the introduction of IndianOil Citibank Debit Card, it
essentially completes our offerings to customers. IndianOil Citibank
debit card is unique as it combines convenience, safety and budgetary
Mr. Sarvesh Sarup said, “At Citibank, we always look at innovative ways
to add value and convenience to the lifestyle and financial requirements
of our customers. The Citibank Indian Oil Co-brand Debit Card leverages
the strength of our relationship with IndianOil to bring unique benefits
to the “buy-now, pay-now” segment of the petrol users.
Currently, the IndianOil Citibank credit card is one of the fastest
growing co-branded credit cards and bagged the “Excellence in
co-branding in South Asia” award from MasterCard.
About Citibank India
Citibank is a member company of Citigroup, the largest and the most
diversified provider of financial services in the world. In India, with
its 100-year history and a network of 20 branches, Citibank has come to
be acknowledged as one of the leading international banks in the country
with a track record of outstanding business milestones. Cash Management
was pioneered by Citibank in 1986 and is utilised by over 800
corporates, with through puts totaling around $ 25 billion (6% of
India’s GDP). It is India’s largest foreign bank in the FX (foreign
exchange) market with an 8% market share. As the leading custodian,
Citibank has over $ 5 billion of custody assets under management.
Citibank was a pioneer in consumer banking, being the first to introduce
focused consumer lending programs and a pioneer in electronic banking,
having made significant investments in technology. Citibank was the
first to launch credit cards in India and is the leading credit card
issuer in the country with about 1.6million card members.
Citigroup (NYSE: C), the preeminent global financial services company
with some 200 million customer accounts in more than 100 countries,
provides consumers, corporations, governments and institutions with a
broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance,
securities brokerage, and asset management. Major brand names under
Citigroup’s trademark red umbrella include Citibank, CitiFinancial,
Primerica, Smith Barney, Banamex, and Travelers. Additional information
may be found at: www.citigroup.com.
About Indian Oil
IndianOil Corporation Ltd. is the largest commercial enterprise in India
and the only Indian presence in the Fortune Global 500 listing. In
addition to being largest National Oil Company in Asia Pacific Region,
IndianOil has been ranked ÃÂ¢ÃÂFIRST’ in Petroleum Trading among 15 National
Oil Companies in the region as per the Industry Perception Survey
conducted by Applied Trading Systems, Singapore. IndianOil operates in
SEVEN of country’s 18 refineries with a combined capacity of 38.15
million tonnes per annum. IndianOil also has the country’s largest
network of crude and product pipelines with a combined length of 6523
kms and a capacity of 43.45 million mts per annum.
With sales of 47.17 million tonnes in the year 2001-02, IndianOil holds
over 53% of the petroleum products market share in India. The R&D Centre
of IOC at Faridabad is totally committed to world-class research in
lubricants formulation, refinery processes and pipeline transportation.
IndianOil Blending Ltd. (IndianOil’s wholly owned subsidiary)
manufactures over 450 grades of the country’s SERVO lubricants and greases.
For the last two decades, IndianOil has been lending its expertise to
several countries in the area of refining, marketing, transportation,
training and R&D.
Being the 17th largest petroleum company in the world, IndianOil is now
emerging as a transnational energy conglomerate.