Some Other Risk-Mitigating Measures
Taxation
As a part of our commitment to being a responsible corporate citizen, ICICI Bank strives for sustained value generation for all stakeholders and business continuity. At ICICI Bank, we adhere to all applicable tax laws and regulations in all the jurisdictions where we operate directly or through our subsidiaries.
Additionally, ICICI Bank continues to endeavour to provide innovative, digital solutions to customers. The Bank has undertaken various initiatives on the tax collection front. It offers various digital channels for the ease of taxpayers (individual/non-individual) through internet banking, mobile applications and debit cards for payment of taxes. The Bank has also developed innovative solutions for non-individuals, like tax payments through Application Programming Interface (APIs) and simplified GST payment solutions, both award-winning initiatives, the former for corporate banking digitisation and the latter for innovative payment initiative. It also offers bulk custom duty payment among many others. Further, the Bank is also collaborating with relevant authorities to offer channels like Unified Payments Interface (UPI), credit card, debit card and net banking for tax payers who do not have an account with the Bank.
Business Continuity Management
We are committed to safeguarding the interests of our customers, employees and stakeholders in the event of a disaster or significant disruption that may impact our operations, systems and premises. With this objective, we have developed a Business Continuity Management (BCM) plan to ensure continuity of critical services to customers and availability of critical systems during significant disruptions under defined disaster scenarios. The Bank endeavours to resume business and operations at an acceptable level within a reasonable time as per the Recovery Time Objectives (RTOs) detailed in the plans.
The BCM plans are reviewed on a periodic basis to incorporate changes in the organisation or environment. The efficacy of the BCM plans is established through periodic BCM tests including disaster recovery drills, testing of business continuity plans and evacuation drills. There can be various external factors beyond our control, which could affect the actual RTOs.
