News: ICICI Bank launches card based remittance product

(BL 16/01/2007) Kochi - In an effort to provide hassle free alternative for receiving remittances, the private sector ICICI Bank on Tuesday launched a card-based remittance product. The remittance card is an Indian rupee (INR) denominated card and can be re-loadable for funding and used at any VISA affiliated ATM and merchant establishment in India, Manish Misra, Head Global Remittances at ICICI Bank, said here. Only remittance-l inked credits are permissible in the card. The product would be targeting the families of NRIs. This facility can also be availed by those beneficiaries who do not have an account with ICICI Bank in India, he said. Misra said the Indian remittance market was growing rapidly with migration of Indians to newer geographies. This card would help in maximising convenience and benefits to both the remitter and beneficiary. The Rs 400 card, with a 10-year validity, can be used at all VISA ATMs in the country with 24- hour access to funds, with a withdrawal limit of Rs 50,000 per day. It can also be used for transactions at over 1,00,000 merchant establishments. With India being the largest remittance receiving country in the world with inflows of $24 billion annually, the bank was targeting about 20 per cent of this segment. The bank has over 25 per cent market share in the Indian remittance segment.