March 10, 2015
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Mumbai: ICICI Bank, India’s largest private sector bank, has tied up with SADAD Electronic Payments WLL to offer remittance service for NRIs based in Bahrain, enabling them to transfer monies instantly to India from the latter’s kiosks spread across the Kingdom of Bahrain. Christened ‘Touch n Remit’, this 24X7 remittance service is a first-of-its kind in Bahrain and is available to all NRIs, even if they don’t have an account with ICICI Bank. To avail this service, the remitters have to carry out a simple, one-time registration for themselves and beneficiary by visiting the ICICI Bank Bahrain branch. Subsequent to the registration, they can visit designated SADAD kiosks with cash and initiate money transfer to over 100 banks in India including ICICI Bank.
ICICI Bank beneficiaries shall receive money instantly in their account, while other bank’s beneficiaries will receive funds in their accounts between two and 24 working hours.
Announcing the tie-up, Mr. Vijay Chandok, President, ICICI Bank said, "At ICICI Bank, we constantly strive towards finding new solutions which add to the convenience of our users. With an experience of serving more than 1.5 million NRIs across the globe for over a decade, we have built significant expertise in the field of remittances. With 'Touch n Remit', we have equipped NRIs in Bahrain with a first-of-its-kind service that enables them to transfer monies to their loved ones in India anytime from conveniently located touch screen kiosks without any constraints like banking hours. With this new service, we continue to live up to our commitment to offer customer centric solutions enabling hassle-free money transfers."
Mr. Abdullah Al-Ghatam, CEO, SADAD said, "SADAD's primary objective is to make the process of payments easier and faster for every customer. This partnership with ICICI Bank rightly fulfills our objective. With our experience of serving the Bahraini market and ICICI Bank’s experience in remittance, we are confident that this service will appeal to anyone wanting to send money to India. We are the first to provide 24-hour money remittance in the country and we are confident about the strength and quality of our product that now allows you to transfer the money anywhere and anytime in India through a simple touch."
With a multilingual interface in Hindi, English and Malayalam, the kiosks have user-friendly touch application to make money transfers easy and convenient. This service also provides confirmed exchange rates, thereby eliminating the worries associated with volatile exchange rates.
Remitters can track their money transfer status by quoting the transaction reference number by calling the ICICI Bank toll free number in Bahrain, 80004877 or SADAD toll free number in Bahrain, 80008338.
To know more, users can visit http://www.icicibankbahrain.com/bh-kiosk-remittance.page and for updates, follow us on Twitter at twitter.com/ICICIBank
About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank with consolidated total assets of US $ 124.76 billion at March 31, 2014. Its subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. The Bank's presence spans 18 countries, including India.
About ICICI Bank’s presence in Kingdom of Bahrain: ICICI Bank's Bahrain branch was granted Retail Bank (Branch) License during May 2007 by Central Bank of Bahrain (the Regulator) for Retail & Full Commercial Banking Activities in Kingdom of Bahrain. It entitles the branch to act as hub for business in the Middle East and to deal with Resident & Non Residents of Bahrain in any currency. The branch offers its clients a wide range of products like deposits, remittance facilities and other investment options.
About SADAD Electronic Payment System B.S.C (closed): SADAD is a software development company that provides the Bahraini market with a breakthrough idea of how to make payments easier and faster, for both payer and payee. With the widest coverage of self-service payment kiosks in the region – 750 kiosks around the country – SADAD has created a truly unique payment network that makes it easier for customers to pay, and service providers to collect.
For Media Queries:
corporate.communications@icicibank.com