(Image source from: Now draw money from ATM without a card})

In what can be dubbed as a groundbreaking innovation of sorts, the ICICI Bank on Wednesday introduced a facility following which an account holder can transfer cash to any mobile phone user in India, even if the latter does not have an account with any lender.

That's right! Any ICICI Bank customer with a savings account can transfer fund using online banking by providing only the mobile number and address of the beneficiary.

For availing of funds under the 'Cardless Cash Withdrawal' scheme, the beneficiary need not have an account with any bank.

After the transaction, a secure six-digit code will be sent to the mobile number of the beneficiary, who can then withdraw the amount from any of the lender's 10,000 ATMs using that number. The money has to be withdrawn within two days of transfer.

"We foresee tremendous growth potential in the usage of electronic payments. This innovative service will further empower our customers as well as their families and friends by giving access to instant money even without having a bank account or a debit card," ICICI Bank executive director Rajiv Sabharwal said.

AW: Suchorita Choudhury