ICICI Bank launched Money transfer service
By Ankit Sharma
Dec 20, 2012
Print    Email    RSS   

The private sector lender, ICICI Bank has entered into partnership with a Tata Teleservices subsidiary to launch a money transfer service in two cities.

Using this service, customers can deposit cash into a retail store of MMP Mobi Wallet Payment Systems along with an advice giving details of the account of the payee, the bank said in a statement.

The money deposited in the retail store will be transferred to the bank account of the payee using currently available electronic fund transfer mechanisms such as National Electronic Funds Transfer (NEFT) and Interbank Mobile Payment Service (IMPS).

MMP Mobi Wallet Payments Systems will act as the business correspondents of that will allow customers to transfer money for a nominal fee without opening an account.

The money transfer service will be launched in Mumbai and Delhi now and later on the service will be extended to the other parts of the country.

Rajiv Sabharwal, Executive Director, ICICI Bank said, "This service will allow us to fulfill a basic need of the migrant population to remit money to their homes."


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Utilise credit card reward points
Be familiar with your Cash-Back Credit Card
Travel Credit Cards in India: A Comparison
A chronicle of excesses by loan recovery...
CIBIL and its role in credit risk management

Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive