ICICI Bank on Tuesday announced a comprehensive bouquet of digital and physical solutions for startups across different life stages to meet all their banking needs. The lender said the bank offers innovative solutions through its domestic and international network, and branch in the emerging global financial and IT services hub located at GIFT City, Gujarat.
The bank’s ‘Startup Ecosystem Banking’ proposition offers treasury and transaction banking solutions, lending solutions, digital integration, FDI and regulatory compliance, personal banking services for employees and founders.
ICICI Bank offers comprehensive solutions through its domestic network and international presence in New York, Toronto, London, Dubai, Singapore and Hong Kong.
Rajesh Rai, Business Head – West & South, Branch Banking, ICICI Bank said, “India has emerged as the third largest startup ecosystem in the world, underlining the country’s vibrant and innovative startup culture. At ICICI Bank, we better facilitate these new age businesses across their life stages through agile and technology driven solutions. Through our comprehensive ‘Startup Ecosystem Banking’, we support the emerging need of Indian startups and aim to be the bank of choice in their growth journey.”
As part of the ‘Startup Ecosystem Banking’, the Bank has created a dedicated team for startups to service them through a wide network of branches.
At GIFT City branch, the bank offers digital opening of Global Foreign Currency Current Account (GFCCA) for foreign holding companies and subsidiaries of Indian startups. This can be done seamlessly within one working day of submitting the required documents, which is much lower than the industry practice of at least five days.
The ecosystem helps banking startups to open a Special Non-Resident Rupee (SNRR) account as well as make deposits in both US Dollars and Indian Rupees. The firm said startups can also avail escrow, custody services and forex solutions for seamless and efficient capital inflows.
The bank also offers state-of-the-art digital channels such as Corporate Internet Banking (CIB), InstaBIZ mobile application, online business for business related transactions, integrated payment system platform to facilitate vendor and tax payments, and solutions for e-collection and settlement Is. E-mandate.
In addition, the bank provides an ‘API Developer Portal’, With over 250 APIs, enables startups to build innovative customer solutions in a frictionless manner. The firm said that it takes a fraction of the time usually required for digital collaboration, thereby significantly increasing the productivity of startups.
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