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Posted on Dec 19, 07:55PM | UNI
ICICI Bank Ltd, India's largest private sector bank. and MMP Mobi Wallet Payment Systems Ltd, a 100pc subsidiary of Tata Teleservices Ltd., one of the leading Mobile Network Operators in India, today announced a strategic tie up to launch a money transfer service.
Mr Rajiv Sabharwal, Executive Director, ICICI Bank and Mr. N Srinath, Managing Director, Tata Teleservices Limite jointly made the announcement.
With the launch of this service, customers can walk into a retail store of MMP to deposit cash along with an advice giving details of the account of the payee. This money will then be transferred to the bank account of the payee using currently available electronic fund transfer mechanisms such as NEFT, IMPS etc.
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.
The money transfer service will be launched in Mumbai and Delhi to begin with and then in other parts of the country. The partnership leverages strengths, acumen and the security of the financial transactions provided by ICICI Bank and the distribution reach of MMP.