ICICI BANK, AIRCEL JOIN HANDS FOR FINANCIAL INCLUSION

ICICI Bank has tied up with telecom operator Aircel, to drive financial inclusion. Under the Memorandum of Understanding (MoU), ICICI Bank will offer, in partnership with Aircel, various financial products including savings accounts, pre-paid instruments and credit products, said a press release from the bank.

ICICI Bank will leverage the distribution strength of Aircel and target the unbanked and under-banked population.

Earlier, the bank had tied up with Vodafone for a similar initiative.

This is following the Reserve Bank of India permitting banks to appoint for-profit companies as Business Correspondents.

SOURCE: http://www.thehindubusinessline.com/industry-and-economy/banking/article1168088.ece