ICICI Bank, Aircel sign MoU for financial inclusion

India’s largest private sector bank, ICICI Bank, and Aircel today announced a joint initiative to drive financial inclusion in the country. Under the memorandum of understanding (MoU), the partnership will offer various financial products including savings accounts, prepaid instruments and credit products.

Rajiv Sabharwal, executive director, ICICI Bank said: “Mobile penetration currently stands at 60 per cent in India 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.”
 
This partnership is expected to bring the unbanked and under-banked population into the organised financial services framework and further assist in electronic payments market in India. ICICI Bank will leverage the distribution strength of Aircel.
 
Gurdeep Singh, Chief Operating Officer, Aircel says, "The partnership will leverage on Aircel's rich experience and infrastructure in IT, customer services and extensive sales and distribution network which will facilitate the delivery of financial products and services.”
 
Both parties will work out the specific arrangements in the coming few weeks and chart out a go-to-market plan.