The relative retardation of intramolecular charge transfer (ICT) rate and solvation dynamics of coumarin 490 (C-490) in the water pool of the Aerosol OT (AOT)-heptane reverse micelle compared to normal water have been investigated using picosecond time resolved emission spectroscopy. We have observed a maximum 3.5 times change in the ICT rate of C-490 in the water pool of the reverse micelle compared to normal water. The retardation of ICT rate is much smaller compared to the several thousands fold decrease in the solvation dynamics in the water pool of the reverse micelle compared to pure water.