ICICI Bank, India's largest private sector bank, introduced 'Cardless Cash Withdrawal' (CCW), a service that allows its customers to transfer money from their account to anyone in India with a mobile number.

The recipient can withdraw money round the clock without using a debit card from over 10,000 ATMs of ICICI Bank across the country. He can do this even without having a bank account of any bank.

Commenting on the launch of the service, Rajiv Sabharwal, executive director, of the bank said," We foresee tremendous growth potential in the usage of electronic payments in our country. CCW 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."

Shares of the bank gained Rs 23.7, or 1.53%, to settle at Rs 1,571.40. The total volume of shares traded was 298,030 at the BSE (Wednesday).