India’s ICICI bank aims to transform 100 villages into cashless societies

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As rural India struggles to cope up with the country’s demonetization push, an Indian bank has come forward to help some transition to a cashless society.

ICICI Bank announced on Monday that it will transform 100 villages into “Digital Villages” over the next 100 days. The move to help villagers comes roughly a year after ICICI successfully turned Akodara, a village in the western state of Gujarat into a cashless village, CEO Chanda Kochhar said during a conference call. 

ICICI Bank says it will also make it much easier for people to open a bank account and go about their daily transactions. The financial institution says it will have tablet-based solutions and only need villagers to provide their e-KYC information (as opposed to physical documents) when opening an account. Villagers will be able to pay at stores through an SMS or USSD-based mobile solution. Read more…

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