New Delhi, Jan 12 (Agencies): In order to take advantage of the mobile teledensity in India, private sector lender ICICI Bank on Wednesday entered into an agreement with mobile service provider Vodafone Essar to offer financial products such as savings accounts and pre-paid instruments.

This partnership is expected to bring the unbanked and under-banked population into the organised financial services framework and assist in furthering the electronic payments market in India, both the companies said in a joint statement.

ICICI Bank will leverage the distribution strength of Vodafone, which manages over 1.5 million retail points for acquiring customers and servicing them.

"We are very excited about the partnership with Vodafone which will help ICICI Bank in deepening its base within the country. Mobile penetration is growing exponentially in the country of which the rural market forms a major contributor," ICICI Bank Managing Director and CEO Chanda Kochhar said.

As per the Reserve Bank's guideline, banks are allowed to engage retired employees, ex-servicemen and retired government employees and other entities, as prescribed by the central bank, as business correspondents.