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."