The Hindu : Business : ICICI Bank launches remittance card

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Friday, Jan 19, 2007
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ICICI Bank launches remittance card

Staff Reporter

Money can be drawn at ATMs

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KOCHI: ICICI Bank has launched a product to facilitate card-based remittance from abroad. The card will provide a convenient and hassle-free way to receive remittance, says Manish Misra, Head, Global Remittance, ICICI Bank.

At a press conference here on Tuesday, he said "Money2India" remittance card could be used by the beneficiary in India to withdraw money at any Visa-affiliated ATM.

The money remitted abroad could be withdrawn in the quickest possible time in India. The facility could be utilised by beneficiaries who did not have accounts with ICICI Bank in India. The withdrawal limit using the card was Rs. 50,000 a day.

India was the largest remittance receiving country in the world with inflows of $ 24 billion annually. ICICI Bank had over 25 per cent market share in the Indian remittance segment.

Mr. Misra said the largest remittances came to India from the U.S. and the Gulf countries. The world remittance market was estimated at $ 230 billion.

The initial charge for the card was Rs. 400, but the remittance service was done free of charge.

There was no limit for the remittance through the bank, he said in reply to a question. G. Santhoshkumar, regional head, Retail Liabilities Group, ICICI Bank Ltd., Kochi, and Rahul Virkar, Manager, Corporate Commu- nications Group, were present.

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