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.
Mr. Marten Pieters, MD & CEO, Vodafone Essar, 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. With our reach and ability to connect to customers. We are pleased to work with ICICI Bank, which has always strived to offer innovative products to its customers.”