ICICI Bank, Aircel sign MoU to promote financial inclusion

Mumbai, Feb 8 (PTI) India''s largest private sector bank,ICICI Bank, today said that it has inked a MoU with Aircel fora joint initiative to drive financial inclusion in thecountry.

Aircel is a leading mobile network operator in thecountry.

Under the MoU, ICICI Bank will offer, in partnership withAircel, various financial products including savings accounts,pre-paid instruments and credit products, a press releaseissued here stated.

This partnership is expected to bring the un-banked andunder-banked population into the organised financial servicesframework and assist in furthering the electronic paymentsmarket in India.

ICICI Bank will leverge the distribution strength ofAircel which has the required reach to drive the initiative,the release said.

ICICI Bank''s Executive Director, Rajiv Sabharwal, said"Mobile penetration currently stands at 60 per cent in thecountry of which the rural market forms a major contributor.

There is a huge potential for offering mobile banking in theseregions, which will facilitate access to the financiallyexcluded parts of the society and ensure that benefits fromvarious welfare and growth programmes of the Government reachthem along with other financial services and products." (MORE)PTI JJVKV