ICICI Bank launches money transfer service in Russia

18 May 2007

Mumbai: ICICI Bank has launched a money remittance service for the NRIs staying in Russia. Called ''Money2India'', the facility is being provided by the ICICI Bank Eurasia LLC.

India''s largest private sector bank, ICICI started its operation in the Russian capital in 2006, by acquiring a small regional bank as a vehicle to enter the Russian market.

"Relations with Russia are critical for India and growing presence of large Indian banks in the country is a welcome development. The new remittance service, first time offered to the Indian community here, fills the banking gap between the two nations, as individual Russian importers could also make payment to Indian beneficiaries," Indian ambassador to Moscow Kanwal Sibal said while launching the new service at the main branch of the bank.

"With the help of instant wire-transfer, funds to the Bank''s Indian rupee account holders could be remitted in just two hours and at much cheaper rate as the foreign banks will not be involved in the transaction," Niranjan Limaye, president of ICICI Bank Eurasia LLC, said.

"Besides this, under Money2India transfer scheme, we can deliver Indian rupee demand draft to any beneficiary in India within four working days," he said.

By March 2008 ICICI plans to have 13 branches, including in St. Petersburg, Nizhniy Novgorod on Volga.