Mumbai — In a move to modernize urban transit and promote cashless commuting, Indian Overseas Bank (IOB) has signed a strategic partnership with Mumbai Metro One Private Limited (MMOPL) to offer innovative ticketing solutions for Mumbai Metro Line 1, which connects Versova–Andheri–Ghatkopar.
The collaboration will see IOB facilitating the issuance of smart cards for regular commuters, as well as paper ticket and QR-based ticketing options. These will be seamlessly integrated with Mumbai Metro’s ticketing APIs to ensure real-time validation and instant confirmation, significantly improving commuter experience and operational efficiency.
MoU Signed to Promote Digital Integration in Urban Transport
The Memorandum of Understanding (MoU) was signed in Mumbai on Thursday by Mr. Ranjay Kumar Mishra, General Manager, Mumbai Region, representing Indian Overseas Bank, and Shivprakash Singh, Company Secretary, representing MMOPL.
The inauguration ceremony was conducted virtually, with Ajay Kumar Srivastava, Managing Director & CEO of IOB, joining via video conferencing. Mr. Shyamantak Choudhury, CEO of MMOPL, was also present.
Leadership Speaks: IOB’s Vision for Smart Urban Mobility
Speaking at the event, Ajay Kumar Srivastava emphasized IOB’s commitment to integrating technology and banking with public infrastructure.
“Public transport is the lifeline of metropolitan cities, and IOB is proud to play a role in shaping the future of urban transit. This collaboration with Mumbai Metro One is not just about ticketing — it’s about offering commuters secure, convenient, and cashless travel experiences. We also plan to extend such facilities to other metro networks across the country in the near future,” he stated.
Boosting Convenience for Over 4.5 Lakh Daily Commuters
Mumbai Metro Line 1, with a daily ridership of approximately 4.5 lakh commuters and over 3 lakh transactions per day, plays a pivotal role in the city’s public transport network. The introduction of these smart, tech-enabled ticketing options is expected to boost commuter convenience, reduce congestion, and encourage wider adoption of digital payments in public transport systems.
This partnership marks a significant milestone in the fusion of banking services with public transportation, aligning with India’s broader goals of digitalization and smart city development.
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About Indian Overseas Bank
Indian Overseas Bank (IOB) is a premier public sector bank headquartered in Chennai, India. Established in 1937, it operates with a strong global presence, offering a wide range of banking services, including retail, corporate, and NRI banking. Known for its customer-centric approach, IOB plays a vital role in India’s financial growth and international banking operations.