The Hindu Business Line : Corpn Bank ATMs at IOC outlets

Corporation Bank and Indian Oil Corporation (IOC) Ltd have signed memoranda of understanding which will pave the way for setting up of Corporation Bank's ATM at select Indian Oil retail outlets across the country, and for extension of financial assistance through loans by the bank to Indian Oil dealers for setting up of `kisan seva kendras'.

Addressing presspersons here on Tuesday, Mr B.R. Bhat, General Manager, Corporation Bank, said that the bank would have the option of setting up of ATMs at Indian Oil retail outlets across the country to provide banking facilities for customers on the move. The bank, which has more than 900 ATMs, is planning to have more than 1,000 ATMs by the end of June, he said. Mr K.R. Suresh Kumar, General Manager (Retail Sales), IOC Ltd, said that the financial assistance from Corporation Bank would help the dealers chosen by Indian Oil in setting up `kisan seva kendras' (the small format retail outlets of Indian Oil) and meeting their working capital requirements. Indian Oil, which has around 2,100 `kisan seva kendras', is planning to set up 800 such outlets per year for the next two years. Rural India contributes 21 per cent of the total diesel market, he said. - Our Bureau

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