ICICI Announces Banking Ecosystem for Indian Startups
On Tuesday, ICICI Announces Banking Ecosystem for providing a full array of digital and physical solutions to meet the banking needs of startups at every stage of their development.
A specialized team for startups has been established by the Bank as part of the “Startup Ecosystem Banking” initiative and it is supported by a broad branch network.
According to a press release from the bank, it offers cutting-edge solutions through its national and international network as well as a branch in GIFT City, a burgeoning global financial and IT services hub based in Gujarat.
The ‘Startup Ecosystem Banking’ concept of the Bank offers treasury and transaction banking solutions, loan solutions, digital integrations, handling FDI and regulatory compliances, and personal banking services for workers and founders.
“India has emerged as the third largest startup ecosystem in the world, underscoring the country’s robust and innovative startup culture,” said Rajesh Rai who is the business head-west and south, branch banking of ICICI Bank. 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.
The Ecosystem Banking further helps companies to open Special Non-Resident Rupee (SNRR) account as well as create deposits in both US Dollar and in Indian Rupee. According to the statement, the companies can also use escrow, custody, and FX solutions for smooth and effective cash transfers.
The Bank claimed to provide additional digital channels including Corporate Internet Banking (CIB), InstaBIZ for mobile devices, Trade Online for business-related transactions, Integrated Payment System platform for vendor and tax payments, and solutions for e-collections and e-mandates.
The Bank also stated that it provides a “API Developer Portal” with over 250 APIs, allowing startups to collaborate on cutting-edge client solutions.