Hyderabad : ICICI Bank Ltd, India’s largest private sector bank and MMP Mobi Wallet Payment Systems, a 100% 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 Limited 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.

Mr. Rajiv Sabharwal, Executive Director, ICICI Bank said, “ICICI Bank has always harnessed technology to introduce safe, reliable and convenient banking services. This innovative service will allow us to fulfill a basic need of millions of customers especially the migrant population to remit money home. We are very happy to partner with Tata Teleservices  in providing this service. “

Mr. N Srinath, Managing Director, Tata Teleservices said, “Tata Teleservices has been the pioneer in providing innovative and customer friendly services and solutions. Its 100% subsidiary – MMP Mobi Wallet Payment Systems., aims to bring the same rigour in serving the financial needs of the citizens of India, in a quick, secure and reliable manner. This partnership between ICICI Bank and MMP to offer money remittance services is an important step in that direction. We see lots of synergies between the two brands and are confident that we would be the market changers in mobile remittance and payments services.”