ICICI Bank to enter money transfer service

Last Updated: Thu, Dec 20, 2012 04:49 hrs

ICICI Bank Ltd and MMP Mobi Wallet Payment Systems, a wholly-owned subsidiary of Tata Teleservices Ltd, today announced a strategic tie-up to launch a money transfer service. Customers can now walk into a retail store of MMP to deposit cash with payee's account details.

This money will then be transferred to the bank account of the payee using currently available electronic fund transfer mechanisms such as NEFT, IMPS and so on. MMP will act as a business correspondent of ICICI Bank for this service, which will allow customers to transfer money for a nominal fee without opening an account. "This service will allow us to fulfill a basic need of millions of customers, especially the migrant population, to remit money home," said Rajiv Sabharwal, executive director, ICICI Bank.

It will be launched in Mumbai and Delhi to begin with and then in other parts of the country.

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