NEW YORK (TheStreet) -- Shares of ICICI Bank  (IBN) rose 4.85% to $12.11 in afternoon trading Friday after the Indian bank debuted its ICICI Digital Village.

The bank adopted Akodara village in Gujarat and developed it into a digital village through means such as cashless banking and e-health, according to the Deccan Chronicle, an Indian newspaper.

Indian Prime Minister Narendra Modi spoke at the dedication of the digital village and said cashless transactions could be a solution to the problem of so-called "black money," funds earned on the Indian black market.

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"Of many solutions to tame black money, cashless transaction is one of the very important solutions," Modi said. "This is a very big opportunity and we should promote this. People should inculcate the habit of cashless transaction."

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