India Moves Towards Cashless Economy: ICICI Bank To Turn 100 Villages Digital In 100 Days

India Moves Towards Cashless Economy: ICICI Bank To Turn 100 Villages Digital In 100 DaysICICI Bank at Akodara digital village. Photo credit: ICICI Bank/Twitter

Private sector lender ICICI Bank on Monday (28 November) said it will transform 100 villages into digital villages in as many days to enable villagers to adopt cashless banking and payments transactions.

These villages, which will be spread across the length and breadth of the country, will enable villagers to use digital channels for banking and payments transactions, said bank MD and CEO Chanda Kochhar.

Transformed into 'ICICI Digital Villages', villagers will be able to open bank accounts using Aadhaar-based e-KYC and make cashless payments to retail stores through a unique SMS/USSD-based mobile solution. The bank also said it would set up end-to-end merchant infrastructure that would enable the retailers at the village to accept mobile-based payments.

With inputs from IANS