Private sector lender ICICI Bank has partnered a Tata Teleservices subsidiary to launch a money transfer service in two cities.
Under 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.
This money will then 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).
For this service, MMP Mobi Wallet Payments Systems, a 100 per cent subsidiary of Tata Teleservices, will act as a business correspondent 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 to begin with and will later extend the services to 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.”
Beena.parmar@thehindu.co.in