Through the service, an ICICI Bank’s savings account holder can transfer money to a person, who may or may not have any bank account, in the country.
To transfer the amount, the account holder must first register the recipients’ name, mobile number and address through online banking.
The bank will then send a four digit verification code to the sender and a six digit reference code to recipient. The receipient can use the code to withdraw money from any of the bank’s 10,000 ATMs across the country.
ICICI Bank executive director Rajiv Sabharwal said: "We foresee tremendous growth potential in the usage of electronic payments in our country.
"Cardless cash withdrawal provides an added facility in an array of electronic payment options that ICICI Bank offers to its customers.
"This innovative service will further empower our customers as well as their families and friends by giving access to instant money even without having a bank account or a debit card."
Claimed to be the largest private sector bank in India, ICICI has a multi-channel delivery network of 3,763 branches, 11,447 ATMs, and internet, mobile and Facebook banking services an on 30 June.
