India has the largest share in world remittances market

According to the World Bank’s estimates remittance inflows for 2007 amounted $337 billion. More than 12% of global remittances are received by India which makes it to be the single largest recipient country for remittances, followed by Mexico and Philippines.

Having realized the opportunities coming along with remittance business on an early stage ICICI Bank, India’s largest private sector bank and second largest bank in the country started providing multiple remittance services customized to the needs of different customer groups. 1/5 of the migrant remittances into India are processed by the bank.

Money2india, at the moment the largest online remittance tracking service was launched by ICICI Bank in 2001. The service provides tracing money transfers from any bank in over 10 countries to any bank in India via ICICI Bank’s correspondent banking network along with centralized transaction processing and 24/7 customer support. With Money2india customers have a wide range of financial options including credits to accounts in ICICI Bank, electronic payments using the National Electronic Funds Transfer (NEFT) system to over 100 banks, payments to debit and credit cards (through VISA) and bank drafts.