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ICICI Bank to Transform 100 Villages into ‘ICICI Digital Villages’ in 100 Days | |||
Mumbai, Maharashtra, India
ICICI Bank, India’s largest private sector bank by consolidated assets, announced that it will transform 100 villages into ‘ICICI Digital Villages’ in as many days. The announcement is a part of the bank’s continuing effort to provide digital ecosystem across the country, including rural India, in the wake of demonetisation of high value currencies.
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. There, villagers will be able to open bank accounts using Aadhar-based e-KYC and make cashless payments to retail stores through a unique SMS/USSD-based mobile solution. Additionally, ICICI Bank in association with ICICI Foundation for Inclusive Growth (ICICI Foundation), the CSR arm of the ICICI Group, will impart vocational training to nearly 10,000 underprivileged villagers, especially women, to help them earn a sustainable livelihood. The bank will also extend credit facilities to the trained villagers in a bid to boost self-employment opportunities in the villages.
This is the largest village promotion programme in the country encompassing digitization of transactions & commercial activities, vocational training and credit facility to help villagers earn a sustainable livelihood.
This ambitious move is inspired by immense success of India’s first digital village, created by ICICI Bank at Akodara in Sabarkantha district of Gujarat. Hon’ble Prime Minister Shri Narendra Modi dedicated the ICICI Digital Village at Akodara to the nation last year at an event commemorating 60 years of the ICICI Group.
Ms. Chanda Kochhar, MD & CEO, ICICI Bank said, “ICICI Bank continues to be a catalyst to accelerate development in our country. We strongly feel that technology can play an important role in putting development on a fast lane. By leveraging technology, we converted Akodara in Gujarat from a village to India’s first digital village last year. Its success motivates us to scale up the initiative a big way - we will now convert 100 villages across the country into digital villages. We will create a cashless ecosystem at these villages, provide vocational training to 10,000 villagers in first 100 days and offer them credit linkages so that the villagers can start their own business ventures. I am confident that this large project will contribute significantly to the Hon’ble Prime Minister’s vision of a Digital India.”
All these ICICI Digital Villages will have three dimensions.
The first dimension is to enhance access to seamless and digital banking. In order to do so:
The second dimension of the initiative is to impart livelihood training to the villagers. For that:
The third dimension of the initiative is to provide credit linkages to enhance livelihood opportunities. The key elements are:
This initiative of Digital Villages is yet another key infrastructural development initiative of the bank. ICICI Bank has played a key role in the development of infrastructure in India over the last two decades. It has financed the creation of substantial power generation capacity, including India's largest private sector hydro power project; ports; roads and highways; airports, including India's first greenfield airport and its largest airport modernisation project; and the roll-out of pan-India telecom networks. Its role in infrastructure has gone beyond that of a financier to assist the government in the development of policies for the sector.
About ICICI Bank ‘ICICI Bank Ltd. (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 144.7 billion at September 30, 2016. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.
About ICICI Foundation For Inclusive Growth (ICICI Foundation) It was founded by the ICICI Group in early 2008, with a view to carry forward and build upon ICICI Group's legacy of promoting inclusive growth. ICICI Foundation seeks to promote inclusive growth in India by contributing to the key enablers required for widespread participation in economic opportunities in the country. Through focused initiatives in the identified areas including primary healthcare, elementary education, skill development and sustainable livelihood and financial inclusion, ICICI Foundation is working towards building capabilities and developing innovative models that can be replicated and scaled up in future. ICICI Academy for Skills operates under the aegis of ICICI Foundation.
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