Kochi Metro Rail Limited has broken a new ground to gain from Automated Fare Collection system by roping in a private partner for sale of tickets. Axis Bank will install hardware and software for fare collection from passengers. The bank will pay KMRL Rs 208 crore in 10 years besides undertaking the maintenance of AFC. Naidu said that the tie-up is the first of its kind in the world and helps in creating cash less system. He asked KMRL to consider linking the co-branded pre-paid smart cards to Pradhan Mantri Jan Dhan Yojana to deepen financial inclusion. Naidu asked Secretary, Urban Development, to explore emulating Kochi Metro’s innovation by other Metros in the country. Kochi Metro is a joint venture of the Governments of India and Kerala being constructed at a cost of Rs 5,181 crore. KMRL has so far saved about Rs 800 crore through innovative procurement processes. Of the project length of 25.612 kms, 18 km is scheduled to be commissioned by June 2016 and the rest by June 2017.
An agreement was today signed between KMRL and Axis Bank in the presence of Minister of Urban Development M Venkaiah Naidu. CMD of KMRL Elias George and MD and CEO of Axis Bank Shikha Sharma signed the agreement.
Axis Bank will issue co-branded cards to the users of Kochi Metro for paying the fares as well as using them for all kinds of merchandise including e-commerce. KMRL will also be paid 0.2 percent of Axis Bank’s gross revenues from the utlilisation of co-branded pre-paid cards outside Kochi Metro system.