Report Wire - ICICI Bank provides ecosystem banking for Indian startups

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ICICI Bank provides ecosystem banking for Indian startups

2 min read
ICICI Bank has put in place a dedicated team for startups that serves them through an extensive network of branches.

ICICI Bank on Tuesday introduced a complete bouquet of digital and bodily options to cater to all banking wants of startups throughout their numerous life phases. The financial institution supplies progressive options by means of its home and worldwide community, and department at GIFT City, the Gujarat-based rising international monetary and IT providers hub, mentioned the lender.

The ‘Startup Ecosystem Banking’ proposition of the financial institution provides treasury and transaction banking options, lending options, digital integrations, dealing with FDI and regulatory compliances, private banking providers for workers and founders.

ICICI Bank supplies complete options by means of its home community and worldwide presence at New York, Toronto, London, Dubai, Singapore and Hong Kong.

Rajesh Rai, enterprise head- West & South, Branch Banking, ICICI Bank mentioned, “India has emerged because the third largest startup ecosystem on the planet, underlining the nation’s vibrant and progressive startup tradition. At ICICI Bank, we provide improved comfort to those new-age companies by means of agile and know-how led options throughout their life phases. Through our complete ‘Startup Ecosystem Banking’, we assist the rising requirement of Indian startups and goal to turn into the popular financial institution of selection of their development journey.”

As a part of the ‘Startup Ecosystem Banking’ the financial institution has put in place a devoted crew for startups that serves them by means of an in depth community of branches.

At the GIFT City department, the financial institution provides digital opening of Global Foreign Currency Current Account (GFCCA) for abroad holding corporations and subsidiaries of Indian startups. This could be accomplished seamlessly inside one working day of submission of required paperwork, which is considerably decrease than the business practise of at the very least 5 days.

The ecosystem banking additional helps startups to open Special Non-Resident Rupee (SNRR) account in addition to create deposits in each US Dollar and in Indian Rupee. The startups may also avail escrow, custody providers and foreign exchange options for seamless and environment friendly capital flows, mentioned the agency.

The financial institution additionally provides state-of-the-art digital channels specifically Corporate Internet Banking (CIB), InstaBIZ cell utility, Trade Online for commerce associated transactions, Integrated Payment System platform to facilitate vendor and tax funds, and options for e-collections and e-mandates.

Further, the financial institution provides an ‘API Developer Portal’, with over 250 APIs, enabling startups to co- create progressive buyer options in a frictionless method. It takes fraction of the time often wanted for digital collaboration, thereby considerably growing productiveness of startups, mentioned the agency.

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