ICICI Bank introduces additional features to mobile banking services

21 Feb 2012 Evaluate

ICICI Bank, country’s largest private sector lender has added additional features to its mobile banking services, such as instant funds transfer, prepaid mobile recharge and paying of insurance premium. The customer can use these are facilities using the Interbank Mobile Payment (IMPS).

The bank has issued MMIDs, a 7-digit number required to receive money through IMPS to over 16.5 million customers of the bank. The service for paying insurance premia is currently available for ICICI Life Insurance customers. IMPS will be a convenient instrument for payments and collection even for businesses as there is a greater need for interoperability to make cheques and even cash redundant in the next three-five years.

The bank has posted a jump of 20.26% in its net profit of Rs 1,728.10 crore for the quarter ended December 31, 2011 as compared to Rs 1,437.02 crore for the same quarter in the previous year. Total income has increased by 24.14% from Rs 8,444.75 crore for Q3FY11 to Rs 10,483.73 crore in the quarter under review.

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