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Vodafone and ICIC Bank sign m-banking deal

Vodafone and ICIC Bank sign m-banking deal

(18 January 2010 – India) Vodafone has signed a deal with ICIC Bank to bring m-banking to India’s vast unbanked population. The duo has said they will offer savings accounts, pre-paid instruments and credit products through a mobile phone platform.

This will allow access to Vodafone’s 1.5 million retail points throughout the county to acquire and service customers.

The Indian government and central bank have been pushing for the growth of mobile phones and their ability to provide financial inclusion.

Chanda Kochhar, CEO, ICICI Bank, said, in a statement, that 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," Mr Kochlar added.
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