India’s largest private sector bank, ICICI Bank has announced the launch of it’s new financial service targeted at Gulf based NRI’s called I-Express. I-Express is an instant money transfer service for Non Resident Indians (NRIs).This service is expected to be available through ICICI Bank’s select partners in the six nation Gulf Cooperation Council (GCC). The service will be initially be targeted at NRI’s residing in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The I-Express facility offers the remitter, the option of visiting any partner outlet to transfer an instant credit into the beneficiary account maintained with ICICI Bank in India, at no extra cost. Under this service, the funds will be transfered immediately and the beneficiary can withdraw the money within minutes of the payment.
An ICICI Bank spokesperson said, “ICICI Bank not only offers funds transfer facility into the accounts of beneficiaries held in its own branches in India but also helps in crediting funds into accounts of beneficiaries held in over 65,000 branches of other Indian banks. The I-Express facility is a great benefit for recipients who have accounts with ICICI Bank in India as they will be able to receive remittances instantly”.
ICICI Bank is one of India’s leading remittance player and currently enables remittances across 40 countries worldwide. The bank has relationships with over 80 correspondent banks and 23 exchange houses across the Gulf Cooperation Council (GCC).