ICICI Bank launched an app named eftCheque to replicate cheque book

In Banking and Finance
May 16, 2015

India’s largest private sector bank, ICICI bank has launched a mobile app named ‘eftCheque’ to motivate customers migrate to electronic mode from using cheque. The advantage of this app is it just replicates the look and feel of the physical cheque. It remits funds instantly to anyone without having to register beneficiaries and without the recipient’s bank details. The app also facilitate to deposit a physical cheque received by the customer electronically by clicking a photo using the mobile app’s magnetic ink character recognition (MICR) reader option.

Even though the National Electronic Funds Transfer enable account holders to transfer funds directly to other account holders anywhere in India, more than 125 crore cheques continue to clog the payment system. It is mainly because of customer mindset.

The advantage of eftCheque is that one can send money to any one. The receiver doesn’t need to be added in the list of beneficiaries like sending payments online. Also, the sender need not know bank details of the recipient while issuing the eftCheque.

Tidbits

ICICI Bank was established by the Industrial Credit and Investment Corporation of India (ICICI) in 1994 at Vadodara, Gujarat.
Apurva V Dixit is it’s Chairman and Chanda Kochhar is it’s MD and CEO.
The bank has subsidiaries in the UK, Russia, and Canada.
It is the second largest bank in India in terms of assets and market capitalization.
In 2015, ICICI Bank won an award in the BFSI Leadership Summit & Awards in the ‘Best Phone Banking for End-users’ category.