The bank says the free tool enables customers to transfer funds from ICICI savings, demat, credit card and loan accounts using their mobile phones. Money can be sent to ICICI accounts as well as those held with other institutions.

Customers can also use their handsets to pay utility bills and insurance premiums.

Customers who are registered for mobile alerts from the bank can download the application by sending an SMS. Those that have a GPRS connection will then receive a WAP link for activation. Customers without GPRS can download the application from the bank's Web site on their desktop before transferring it to their handset.

The bank says that to ensure security users will need to enter a four digit PIN to use iMobile.

"With this application, most features of Internet banking will now be available on mobile phones, providing a breakthrough improvement in banking services," says V Vaidyanathan, executive director, ICICI Bank.

Last year India topped a survey on mobile banking penetration in Asia Pacific conducted on behalf of Sybase 365. The poll found that 81% of respondents were aware that they can check their bank balance on a mobile phone and 49% had used the services in the previous three months.