ICICI Bank offers ecosystem banking for Indian startups
By Team Startupcity | Tuesday, 14 March 2023, 16:37 IST
ICICI Bank announced a comprehensive bouquet of digital and physical solutions to cater to all insurance needs of startups across their various life stages. The bank offers cutting-edge solutions through its national and international network as well as a branch in GIFT City, a developing worldwide centre for financial and IT services in Gujarat.
The bank's "Startup Ecosystem Banking" offering includes personal banking services for founders and workers as well as treasury and transaction banking solutions, lending options, digital integrations, handling FDI and regulatory compliances, and handling loan solutions.
ICICI Bank provides comprehensive solutions through its domestic network and international presence at 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 provide these modern enterprises with increased convenience at every stage of their development through flexible and technology-driven solutions. We assist the growing needs of Indian startups with our thorough "Startup Ecosystem Banking" and want to become their go-to bank as they progress through their growth path.
As part of the "Startup Ecosystem Banking," the bank has established a special team for startups that provides support through a vast branch network. For overseas holding corporations and subsidiaries of Indian startups, the bank facilitates digital opening of Global Foreign Currency Current Accounts (GFCCA) at its GIFT City branch. After submitting the necessary paperwork, this can be completed without any problems in one working day, which is much less time than the industry standard 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, said the firm.
The bank provides cutting-edge digital channels like Corporate Internet Banking (CIB), the InstaBIZ mobile app, Trade Online for business-related transactions, the Integrated Payment System platform to help with vendor and tax payments, and solutions for e-collections and e-mandates. The bank also provides a "API Developer Portal" with over 250 APIs, allowing companies to collaborate on creative client solutions without difficulty. According to the company, it takes a small fraction of the time that is typically required for digital collaboration, considerably enhancing startup productivity.
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