ICICI Bank to launch Web ATMs

MUMBAI, DECEMBER 9: Internet banking pioneer ICICI Bank is planning to aggressively expand its reach in the domestic market by introducing Web ATMs. The purpose of the Web ATMs will be to encourage use of its Infinity net banking service even among customers who don8217;t have a PC or internet connection.

Addressing a press conference on Thursday to announce the launch of new online services for NRIs, senior vice-president retail banking Mohan N Shenoi said kiosks with net banking access would be provided at all its ATM locations. Customer validation will be similar to ATMs 8211; by inserting the card and entering the PIN number. quot;Physical branches are the most expensive channel for us,quot; Shenoi said indicating the bank was planning large scale deployment of Web ATMs. However, he declined to give figures.

For NRIs, the bank has launched an online account opening facility. The first phase is done electronically where the user submits an online account opening form, following which he receives his password andzero balance account. In the second phase, the user sends the account opening form with other required documents. This is necessary for withdrawals.

The Money2India facility, is a web-based remittance facility for NRIs. Transfer of funds to India can be done even if the NRI and the recipient are not ICICI Bank customers. A Sawal Jawab section for NRI queries is answered by financial consultant, A N Shanbag.

ICICI Infotech chief technology officer N Bhai said the services were introduced based on the findings of a survey among NRIs. Nearly 90 per cent of NRI customers are also web banking customers.