ICICI Bank, Aircel sign MoU to promote financial inclusion

Aircel is a leading mobile network operator.

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

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

The partnership is expected to bring the un-banked and under-banked population into the organised financial services framework and assist in furthering the electronic payments market in India.

"There is a huge potential for offering mobile banking in these regions...will facilitate access to the financially- excluded parts of the society and ensure that benefits from various welfare and growth programmes reach them along with other financial services and products," he added.

ICICI Bank will leverage the distribution strength of Aircel which has the required reach to drive the initiative, the release said.