MRPL & Corporation Bank ink pact to provide financial services to retail fuel customers

February 26, 2008

Mangalore Refinery & Petrochemicals Limited (MRPL), an ONGC Group Company and a mini ratna I, and Corporation Bank, today signed a Memorandum of Understanding (MOU) to leverage their respective strengths to provide a wholesome bouquet of services to customers in the fuel retail segment. The MoU was signed by Shri B.R.Bhat, General Manager (IT) of Corporation Bank and Shri Sanjay Grover, General Manager (Retail Sales) of MRPL at the Corporation Bank , Mangalore.

Speaking on the occasion Shri B R Bhat announced that Corporation Bank will set up ATMs (any time money) at the MRPL HiQ retail outlets coming up across Karnataka and other Southern States, to provide banking facilities for customers on the move. This would enable the bank to service a larger number of customers without having to bring them into the bank premises. Also on the cards are other value added financial products including co-branded credit and fleet cards, cashless transactions using smart cards for the agricultural community.

Elaborating on the philosophy of MRPL's HiQ, Shri Sanjay Grover, GM (RS) of MRPL said that HiQ stands for the highest quality of fuels and services and the entire experience at the HiQ, right from quality and quantity of the fuels, to dispensing, to monitoring, to house-keeping and the bouquet of services to be provided to the customer, HiQ will reflect this brand promise. The HiQ, launched in Maddur on the Bangalore-Mysore Highway recently, is equipped with state-of-the-art retail automation technology that provides complete control over delivery of right quality and quantity of fuels to customers at all times, houses India's largest Caffe Coffee Day and has the very first Baskin Robbin's outlet on the Bangalore - Mysore highway. "Today's customer knows his/her choices; expect value for money and the best in terms of services. Our focus is on meeting this expectation and this partnership with Corporation bank is one more step in this direction", added Shri Grover.

MRPL, already has the approval from the Government of India to set up a chain of 500 retail outlets across the country. After the successful launch of HiQ at Maddur on the Bangalore-Mysore Highway, HiQ outlets at Hubli and Mangalore are getting ready for commissioning within the current financial year. More outlets will follow in different parts of Karnataka, Tamil Nadu and Andhra Pradesh in this phase. The next phase of operations will see HiQ outlets coming up in Goa, Maharashtra and Gujarat as well, apart from expansion of the network in the four southern States.

Corporation Bank, a premier public sector bank is in the forefront of providing innovative and tech savvy product services to its customers. It is the first Public Sector Bank to bring its entire banking operations under Core Banking Solutions [CBS]. Corporation Bank has leveraged technology to provide many 'firsts' to its customers like online educational loan for professional courses, SMS-based Pay-by-Mobile services etc. It offers many innovative products & services such as International Debit Card, International Credit Card, Internet Banking, SMS Banking, various utility payment facilities etc. The Bank has a large network of over 940 ATMs in the country. Through CorpBank ATMs apart from withdrawing cash the card holder can avail may other services like transfer funds, recharge of prepaid mobiles, LIC premium payment etc.

Issued by
Lekshmi M Kumaran

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