ICICI Bank, an Indian private sector bank Vodafone Essar, a mobile network operator in India, have entered into a joint initiative to drive financial inclusion in the country.
Under this partnership, both entities will offer a range of financial products such as savings accounts, pre-paid instruments and credit products through a mobile phone based platform.
The ICICI bank said that the partnership is expected to bring the un-banked and under-banked population into the organized financial services framework and assist in furthering the electronic payments market in India.
The partnership between ICICI Bank and Vodafone is a step in the direction of Reserve Bank of India (RBI) to facilitate banks to achieve the financial inclusion agenda.
ICICI Bank managing director and CEO Chanda Kochhar said the partnership with Vodafone will help the bank in deepening its base within the country.
Vodafone Essar managing director & CEO Marten Pieters said the RBI move to allow for-profit companies to be business correspondents is a welcome move that will enable the population better access to financial services.