ICICI Bank has tied up with SADAD Electronic Payments WLL to offer remittance service for NRIs based in Bahrain, enabling them to transfer monies instantly to India from the latter's kiosks spread across the Kingdom of Bahrain.

Christened 'Touch n Remit', this 24X7 remittance service is a first-of-its kind in Bahrain and is available to all NRIs, even if they don't have an account with ICICI Bank. To avail this service, the remitters have to carry out a simple, one-time registration for themselves and beneficiary by visiting the ICICI Bank Bahrain branch. Subsequent to the registration, they can visit designated SADAD kiosks with cash and initiate money transfer to over 100 banks in India including ICICI Bank.

ICICI Bank beneficiaries shall receive money instantly in their account, while other bank’s beneficiaries will receive funds in their accounts between two and 24 working hours.

Vijay Chandok, president, ICICI Bank said, "At ICICI Bank, we constantly strive towards finding new solutions which add to the convenience of our users. With an experience of serving more than 1.5 million NRIs across the globe for over a decade, we have built significant expertise in the field of remittances. With 'Touch n Remit', we have equipped NRIs in Bahrain with a first-of-its-kind service that enables them to transfer monies to their loved ones in India anytime from conveniently located touch screen kiosks without any constraints like banking hours. With this new service, we continue to live up to our commitment to offer customer centric solutions enabling hassle-free money transfers."

Shares of the bank gained Rs 4.3, or 1.29%, to trade at Rs 337. The total volume of shares traded was 437,456 at the BSE (12.59 p.m., Tuesday).