ICICI Bank offers Ecosystem Banking for Indian Startups

ICICI Bank announced that it offering a comprehensive bouquet of digital and physical solutions to cater to all banking needs of startups across their various life stages. 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.

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More About The ICICI Bank ‘Startup Ecosystem Banking’:

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, the bank said.

Significance of This Ecosystem Banking for Indian Startups:

• 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.
• 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, the statement said.
• The Bank said that it also offers 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 added that it offers an ‘API Developer Portal’, with over 250 APIs, enabling startups to co- create innovative customer solutions.