New Delhi: Indian Overseas Bank (IOB) has signed a Memorandum of Understanding (MoU) with Mumbai Metro One Private Limited (MMOPL) to provide advanced ticketing solutions for commuters of Mumbai Metro Line 1, which runs along the Versova–Andheri–Ghatkopar corridor.
Under the collaboration, IOB will facilitate the issuance of smart cards for regular commuters and introduce paper ticket and QR-based ticketing options. The system will be fully integrated with Mumbai Metro’s ticketing APIs, enabling real-time validation and instant confirmation of transactions.
Highlighting the significance of the partnership, Srivastava said, “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 is 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.”
Mumbai Metro Line 1, which records an average daily ridership of 4.5 lakh passengers and handles over three lakh transactions daily, plays a critical role in easing urban congestion. The tie-up is expected to boost commuter convenience while promoting the adoption of digital payments in public transportation.
The agreement has been formalised in Mumbai on Thursday, with IOB's General Manager (Mumbai Region) Ranjay Kumar Mishra and MMOPL's Company Secretary Shivprakash Singh. The ceremony was inaugurated via video conferencing by IOB’s Managing Director and Chief Executive Officer (MD &CEO) Ajay Kumar Srivastava, in the presence of MMOPL CEO Shyamantak Choudhury.
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