Private sector ICICI Bank on Saturday said it closed the second quarter of FY24 with an increased net profit of Rs 10,261 crore.
State-run Indian Oil Corporation Ltd and ICICI Bank are offering cashless and contactless refuelling through FASTag at the country’s largest oil marketing company’s outlets to reduce wait time for customers.
“ICICI Bank FASTag users can now enjoy a fully digitized experience at IndianOil’s fuel stations which will reduce wait time for customers,” the firms said in a joint statement.
To avail of this facility, customers must inform the customer attendant while fuelling, then scan the vehicle’s FASTag/car number plate. The customer will then receive an OTP to validate the transaction. The transaction will be completed when the OTP is entered into the POS machine.
“This system is integrated with IndianOil’s automation system, which removes any manual intervention during the fuelling process. This integration allows for payment of petrol, diesel, and SERVO Lubricants through ICICI Bank FASTag. Under the first phase of this initiative, 3,000 IndianOil retail outlets,” the statement said.
This comes when the country’ petrol and diesel consumption is expected to grow by 14% and 10% respectively in FY22, according to rating agency ICRA.
India, the world’s third-largest oil importer, is witnessing an upward trajectory of transportation fuel prices, with diesel and petrol retailing at above ₹100 marks in several parts of the country.
With around 34.8 million users, FASTag penetration across the country is at around 96%. This also comes in the backdrop of FASTag helping in improved toll collections on national highways.