Mumbai, March 14, 2023: ICICI Bank, a leading Indian private sector bank, has announced the launch of its comprehensive “Startup Ecosystem Banking” proposition that provides a complete range of digital and physical solutions to cater to all the banking needs of startups across their various life stages.
The Startup Ecosystem Banking proposition 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 these innovative solutions through its domestic and international network, and branch at GIFT City, the Gujarat-based emerging global financial and IT services hub.
ICICI Bank’s presence at GIFT City further enhances the ecosystem banking for startups. The bank offers digital opening of Global Foreign Currency Current Account (GFCCA) for overseas holding companies and subsidiaries of Indian startups. Startups can open Special Non-Resident Rupee (SNRR) account as well as create deposits in both US Dollar and in Indian Rupee. They can also avail escrow, custody services, and forex solutions for seamless and efficient capital flows.
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.”
The Bank has put in place a dedicated team for startups that serves them through an extensive network of branches. ICICI Bank also offers state-of-the-art digital channels including 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. The bank offers an ‘API Developer Portal’, with over 250 APIs, enabling startups to co-create innovative customer solutions in a frictionless manner.
ICICI Bank’s Startup Ecosystem Banking is set to revolutionize banking for startups in India, enabling them to have access to world-class banking solutions that cater to their every need.