ICICI Bank 2013 Annual Report Download - page 17

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Facilitating remittances in rural areas
An economist once said that it is not just the volume of money, but also the timeliness and
accuracy of its movement that are equally important for spurring the growth of an economy.
Following RBI’s regulations permitting domestic remittances for non-account holders,
ICICI Bank was among the first banks to commence its ‘cash to account’ transfer facility through
its Business Correspondents. Within six months of its launch, the Bank was able to service
1,00,000 customers for transferring over ` 1 billion to their family members in an instant,
convenient and secure manner.
We have innovated on different platforms that facilitate remittance services. Our ‘Mobile Money’
platform offered in conjunction with leading telecom providers enables customers to transfer
money safely through their mobile phones.
Further, through Mobile Money, a gamut of financial services such as deposits and cash
withdrawals, money transfer to third parties, prepaid mobile recharge and various utility bill
payments are offered.
This platform is a big step forward towards making financial inclusion a reality across India.
Annual Report 2012-2013 15