ICICI Bank introduces Money to Home

Mumbai, Feb 21 (UNI) ICICI Bank has announced its global remittance service ''Money To Home'' which will enable transfers of money using multiple channels and locations.

This service will be currently available to customers in the UK and Canada through ICICI bank subsidiaries in these two countries.

Customers will be able to remit money to various international destinations such as China, Bangladesh, Sri Lanka, Philippines and Nepal. This service will shortly be rolled out in other originating and receiving geographies.

Customers can opt for multiple channels including ICICI bank branches for remitting money. They can also avail the convenience of direct credits to beneficiary's bank or to the beneficiary's home through extensive delivery networks. The facility can also be shortly availed through on-line channels.

Addressing the media here yesterday, Mrs Chanda Kochhar, Deputy Managing Director, ICICI Bank said,''We have achieved a sizeable market share in the India remittance market through introduction of innovative products and leveraging technology to offer customer friendly solutions. In achieving this, the bank has created strategic capabilities in remittances in the area of product development, customer service marketing compliance operations etc.'' She said,''These capabilities have given us the confidence to replicate the India success story for the Non-Indian immigrant communities, which presently constitute 90 percent of the global remittance market. The introduction of Money to Home gives us a significant opportunity to tap this ever growing market.'' Shah Rukh Khan, Brand Ambassador said,'' These services are not there just because I am the brand ambassador. These services were always there. It is not because of me.'' When quizzed by reporters whether he was aping the Big B who was also associated with the bank, SRK denied it.

The global remittances market stands at USD 268 billion annually with over 70 percent of these remittances flowing into developing countries. India is the largest remittance receiving country in the world with USD 25 billion inflows annually, she added.

ICICI Bank has recognised this huge business opportunity and has achieved over 25 percent market share in inward remittances into India. The bank has specific remittance products which include the on-line Money2India and Instant Branch transfers. The Bank also recently launched its remittance card.

UNI