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Now, transfer money via mobile phones

Reliance Comm ties up with ICICI Bank for a plan under which one customer will be able to transfer money up to Rs one lakh per day, reports Archana Khatri.

business Updated: Sep 06, 2007 00:54 IST
Archana Khatri

You can soon transfer money using your mobile phone at any time of the day in India. While many banks and telecom companies have been in various stages of the idea, Anil Ambani's Reliance arm has set the ball rolling, formally launching on Wednesday a service that is being tested since July.

Reliance Communications has tied up with ICICI Bank for a plan under which one customer will be able to transfer money up to Rs one lakh per day, though a single transaction cannot exceed Rs 5,000.

For the moment, money transfer can take place only between ICICI's savings bank holders, and would be avilable to Reliance's R-World value-added service that enables transactions.

"Keeping the regulations in mind, we are also looking at intra-bank and across-the-countries transfers also and are talking to a number of players regarding that," said Mahesh Prasad, President, Applications and Software Group in Reliance Communications.

The user will not have to pay any fee to the bank. Reliance Communications will charge Rs 10 per transaction, though as a promotional ofer, it will be free for the first 90 days.. The transfer is also expected to happen in real-time. "From ICICI Bank to ICICI Bank it is in real-time. For transfers into other banks accounts (as and when it would happen) it would take the normal time taken by the respective banks in the clearance process," said a spokesperson for ICICI Bank.