NEW YORK (TheStreet) -- Shares of Indian bank ICICI Bank  (IBN) fell 4.38% to $11.36 in morning trading Tuesday as the stock continued to sell off following the bank's debut of its ICICI Digital Village last week.

The stock surged Friday in the wake of the debut.

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.

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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.

"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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