ICICI Bank offers Ecosystem Banking for Indian Startups
March 14, 2023
Mumbai: ICICI Bank today announced that it offers a comprehensive bouquet of digital and physical solutions to cater to all banking needs of startups across their various life stages.The Bank provides innovative solutions through its domestic and international network, and branch at GIFT City, the Gujarat-based emerging global financial and IT services hub.
The ‘Startup Ecosystem Banking’ proposition of the Bank offers treasury and transaction banking solutions, lending solutions, digital integrations, handling FDI and regulatory compliances, personal banking services for employees and founders.
ICICI Bank provides comprehensive solutions through its domestic network and international presence at New York, Toronto, London, Dubai, Singapore and Hong Kong. The ecosystem banking is further enhanced by the Bank’s presence at GIFT City.
Mr. 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 offer improved convenience to these new-age businesses through agile and technology led solutions across their life stages. Through our comprehensive ‘Startup Ecosystem Banking’, we support the emerging requirement of Indian startups and aim to become the preferred bank of choice in their growth journey.”
As part of the ‘Startup Ecosystem Banking’ the Bank has put in place a dedicated team for startups that serves them through an extensive network of branches.
At the GIFT City branch, the Bank offers digital opening of Global Foreign Currency Current Account (GFCCA) for overseas holding companies and subsidiaries of Indian startups. This can be done seamlessly within one working day of submission of required documents, which is significantly lower than the industry practise of at least five days.
The Ecosystem Banking further helps startups to open Special Non-Resident Rupee (SNRR) account as well as create deposits in both US Dollar and in Indian Rupee. The startups can also avail escrow, custody services and forex solutions for seamless and efficient capital flows.
The Bank also offers state-of-the-art digital channels namely Corporate Internet Banking (CIB), InstaBIZ mobile application, Trade Online for trade related transactions, Integrated Payment System platform to facilitate vendor and tax payments, and solutions for e-collections and e-mandates.
Further, the Bank offers an ‘API Developer Portal’, with over 250 APIs, enabling startups to co- create innovative customer solutions in a frictionless manner. It takes fraction of the time usually needed for digital collaboration, thereby significantly increasing productivity of startups.
To know more, startups can contact their Relationship Manager or write to startupecosystem@icicibank.com
To read more on the Bank’s offerings at its branch in GIFT City,visit www.giftcity.icicibank.com
For news and updates, visit www.icicibank.com and follow us on Twitter at www.twitter.com/ICICIBank
For media queries, write to: corporate.communications@icicibank.com
About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹ 15,21,748 crore at December 31, 2022.
Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospect s) are forward - looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward - looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward - looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports fi led by us with the United States Securities and Exchange Commission. Any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward - looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.go
