BENGALURU: The banking sector is all set to hit the new level, as the Central Petroleum Ministry is planning to tie up with banks to provide the financial services at petrol pumps, all across the country, as reported by the TOI.
By sensing the banking buzz in the online and the mobile wallets sectors, the Ministry has proposed a new project. According to which, it is planning to tie up the network of 86,000 petrol pumps with banks to set up ATMs and manned kiosks, within the petrol pumps limits.
The respective proposal was taken up by the Consultative Committee of Parliament for the Petroleum Ministry. Headed by the Petroleum Minister Dharmendra Pradhan along with the Parliamentary Affairs Minister Minister Rajiv Pratap Rudy.
According to the proposal, Petroleum Ministry will work along with the Finance Ministry and Skill Development Ministry in order to prepare a comprehensive component.
Founder and CEO of mobile payments firm Paytm, Vijay Shekhar Sharma said that the new banks are overwhelmed to tie up with the petrol pumps, as they act as the mainstay of the transport system in Indian highway lines. Apprehending this, the motto of this move is to provide banking services on the highways and the regions where the banking sector is yet to reach.
The Chairman of the Bharat Petroleum Corporation Limited (BCPL), S Varadarajan claims that the BCPL outlets have more number ATMs than some of the ATM chains. Varadarajan said “The new payments, banks and insurance firms will have an option to sell their products at our retail outlets."
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