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| ICICI Bank & Vodafone Essar ink pact for financial inclusion | | | EARLY TIMES REPORT
Jammu Jan 12 : ICICI Bank Ltd, India’s largest private sector Bank and Vodafone Essar Ltd, one of the largest Mobile Network Operators in India, today announced a joint initiative to drive financial inclusion in the country. Under this tie-up, both entities will offer a bouquet of financial products such as savings accounts, pre-paid instruments and credit products through a mobile phone based platform.
This 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. ICICI Bank will leverage the distribution strength of Vodafone, which manages over 1.5 million retail points for acquiring customers and servicing them.
The Indian government has been actively pursuing the agenda for inclusive growth to ensure that benefits of the exponential growth phase reach all the sections of the society. To this effect, financial inclusion has been an important goal that aims to provide access to basic financial services to each and every individual across the country. Such access is essential to initiate growth in the hitherto un-banked sections of the society, eventually resulting in improvement in the per capita household income and the Gross Domestic Product (GDP) of the country.
Speaking on the alliance, Chanda Kochhar, Managing Director & CEO, ICICI Bank Ltd said, “We are very excited about the partnership with Vodafone, which will help ICICI Bank in deepening its base within the country. Mobile penetration is growing exponentially in the country of which the rural market forms a major contributor. There is a huge potential for offering mobile banking in these regions, which will facilitate access to the financially excluded parts of the society and ensure that benefits from various welfare and growth programs of the government reach them along with other financial services and products.
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