Indian Bank has entered into a strategic partnership with Indian Oil Corporation Ltd (IOCL) by signing a Memorandum of Understanding (MoU) to offer channel financing solutions to IOCL’s authorized dealers under the bank’s Supply Chain Finance (SCF) program.
The MoU was exchanged in the presence of Indian Bank’s Executive Director Ashutosh Choudhury and senior IOCL executives including Shashikant B. Kalyani, Executive Director (In-charge, Finance), and Chakresh Kumar Jain, Executive Director (Finance). The document was formally exchanged by Saurabh Dalmia, Vertical Head – Cash Management and SCF at Indian Bank, and Sanjay Kumar Murarka, General Manager – Finance at IOCL.
This partnership is aimed at enhancing the working capital access for IOCL’s dealer network, streamlining credit availability and improving liquidity through Indian Bank’s SCF offerings.
About Indian Oil Corporation Limited
Indian Oil Corporation Ltd, a government-owned enterprise under the Ministry of Petroleum and Natural Gas, is the country’s largest oil producer with a consolidated refining capacity of 80.55 MMTPA. It is a public sector undertaking which is registered in Mumbai but headquartered in New Delhi.
About Indian Bank
Indian Bank, a public sector lender established in 1907 and headquartered in Chennai, serves over 100 million customers with a total business of ₹13.25 lakh crore as of March 31, 2025.
