ICICI Bank-Satyam JV for online retail banking
ENS ECONOMIC BUREAU

MUMBAI, DECEMBER 15: ICICI Bank and Satyam Infoway have partnered to form a new company for online distribution of retail banking services and products. In a statement issued on Tuesday, the bank said the new company, to be launched in 60 days, would be a 50:50 partnership.

The range of products to be distributed through the portal include savings accounts, current accounts, fixed deposits, bill payments and other retail banking products. ICICI Bank has already developed an internet-based business to business payment module for purchasers and sellers, while Satyam Infoway has a buyer to seller ordering and selling website at seekandsource.com.

"The two companies will explore several opportunities to complement each others strengths to capitalise on opportunities in e-commerce," the bank said in the statement. The memorandum of understanding to this effect was signed between ICICI Bank managing director and CEO H N Sinor and Satyam Infoway managing director R Ramraj.

The bank and ISP would co-operatewherever feasible to extend the reach of the distribution setup for financial products from ICICI Bank and internet products from Satyam. The bank would set up automated teller machines (ATMs) at Satyam access points and cyber cafes.

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