ICICI Bank offers ecosystem banking for Indian startups

ICICI Bank on Tuesday announced 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, said the lender.

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.

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, said the firm.

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, said the firm.