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ICICI Bank and MCSL tie-up to provide mobile-based wage payment for NREGA workers

March 18, 2014


Bhubaneswar: ICICI Bank, India's largest private sector bank, and the Panchayati Raj Department, Government of Odisha, have signed an agreement to start mobile based disbursement of wages to workers under Mahatma Gandhi National Rural Employment Guarantee Act (MG-NREGA) in Odisha.


ICICI Bank has tied up with Mobile Commerce Solutions Limited (MCSL), a wholly owned subsidiary of Vodafone India Limited, to provide this service. ICICI Bank and MCSL will implement pilot project in two blocks in Odisha namely Hinjilicut and Chikiti in Ganjam district.


Commenting on the launch, Mr Rajiv Sabharwal, Executive Director, ICICI Bank said, "This pilot will not only help various state governments in handling the NREGA payments but also go a long way in providing easy and reliable banking services to the people across the country. We have always been a forerunner in technology innovations and now we are utilizing it in accelerating our efforts to take banking services to unbanked population."


Mr Sunil Sood, Chief Operating Officer, Vodafone India said, "Vodafone's network of 1.6 million outlets can expand the reach of banking services from less than 5% of villages that have a bank branch today to almost 50% of villages. For Government transfers, 'Vodafone M Pesa' is a speedy and transparent mechanism with no leakages."


Under this arrangement, Vodafone SIM cards will be issued to the job holders under MGNREGA. ICICI Bank will open accounts for these beneficiaries after required KYC checks and the individual mobile numbers will act as the savings account number. This will allow the beneficiaries to directly receive their wages on their mobile.


The customers will also receive alerts via SMS and will be able to easily withdraw cash from any nearby designated retail outlet by simply authorizing the transactions on their mobile.


The customers will also earn savings bank interest for the funds remaining in the accounts. They can also carry out deposits and remittances directly with their mobiles.


Under this programme, ICICI Bank jointly with MCSL shall impart necessary knowledge and skill to the wage seekers to enable them to use the mobile phone to make transactions and read transaction alerts. The companies will also appoint a mobile retailer in each gram panchayat to act as customer service providers in the pilot project area.


About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of USD 124.00 billion at March 31, 2013. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and its largest securities brokerage firm, mutual fund and private equity firm. ICICI Bank’s presence currently spans 19 countries, including India.


Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.


For Press Queries please contact:


Mr. Sujit Ganguli
Senior General Manager & Head - Corporate Communications and Brand Group
ICICI Bank Limited
Bandra Kurla Complex, Mumbai – 400051

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