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Launches rupee-denominated card for beneficiaries of NRIs

TAPPING NRI BUSINESS: Mr Anup Bagchi (left), Head-International Retail Product Group, ICICI Bank, and Mr Manish Misra, Head-Global Remittances, at a press conference in Mumbai on Thursday. - Ramesh Sharma

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New Delhi Feb. 8 ICICI Bank, the country's second largest commercial bank, is keen to increase its share of the growing Indian remittance market.

Towards this end, ICICI Bank on Thursday launched a rupee-denominated remittance card that is primarily targeted at beneficiaries of non-resident Indians (NRIs).

India is the largest remittance receiving country in the world with inflows of $24 billion in 2005-06.

The remittances are estimated to touch $30 billion this fiscal. ICICI Bank currently enjoys over 25 per cent market share of the remittance market.

Lifetime Fee

"The remittance card has the attributes of speed, convenience and lesser cost. It maximises benefit to both the remitter and the beneficiary. The withdrawal limit is also higher at Rs 50,000 per day," Mr Anup Bagchi, Head-International Retail Product Group (IRPG) of ICICI Bank, said at launch of the new card here today.

Mr Bagchi, however, made it clear that the beneficiary would not be entitled to any interest on the balances in the card.

He also said that this remittance card facility could be availed even by those beneficiaries who do not have an account with ICICI Bank in India.

Mr Manish Mishra, Head-Global Remittances at ICICI Bank, said that a beneficiary of a NRI could purchase this card for a lifetime fee of Rs 400 and use it for withdrawal of remittances at any VISA-affiliated ATM. This card could also be used at over 1,00,000 merchant establishments for transactions, Mr Mishra said.

Remittance Services

He said that only remittance-linked credits would be permissible in the remittance card. Mr Mishra also later told reporters that ICICI bank was looking to partner with more US banks to offer seamless remittance services. "The US is the biggest market for us and we are working for more tie-ups there," he said.

Mr Bagchi highlighted that the Indian remittance market was growing rapidly with the migration of Indians to newer geographies.

He said that the trend of NRIs today is not the same as five years back, with many more going to the developed countries. "It is no longer body shopping," Mr Bagchi said.

Moreover, the composition of remittances to India has also undergone a change over the last 2-3 years. "It is not just a commodity anymore and there is scope for us to add value to the customer's needs," Mr Bagchi said.

More Stories on : Private Banks | New Products & Services | NRIs | Credit Cards & Debit Cards | ICICI Bank Ltd

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