"Customers can walk into a retail store of MMP (35 stores across Delhi and Mumbai) to deposit cash along with an advice giving details of the account of the payee. This money will then be transferred to the bank account of the payee using currently available electronic fund transfer mechanisms such as NEFT, IMPS etc," a joint statement issued by ICICI and Tata Teleservices said.
MMP will act as a Business Correspondent of ICICI Bank for this service which will allow customers to transfer money for a nominal fee without opening an account.
The money transfer service will be launched in Mumbai and Delhi to begin with and then in other parts of the country.
Rajiv Sabharwal, executive director, ICICI Bank said, "ICICI Bank has always harnessed technology to introduce safe, reliable and convenient banking services. This innovative service will allow us to fulfill a basic need of millions of customers especially the migrant population to remit money home."
MMP Mobi Wallet Payments Systems (MMPL) is a 100 per cent subsidiary of Tata Teleservices which operates under Tata DoCoMo brand in India. MMPL has obtained a license from RBI to offer prepaid instruments services in India.