ICICI Bank Launches ‘Startup Ecosystem Banking’ for Indian Startups

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Mumbai, March 14, 2023: ICICI Bank has announced its commitment to supporting startups throughout their various life stages by offering a range of digital and physical solutions. This comprehensive bouquet of services is designed to cater to all the banking needs of startups. The Bank’s innovative solutions are available through its domestic and international networks, as well as its branch at GIFT City, the emerging global financial and IT services hub based in Gujarat.

Under the ‘Startup Ecosystem Banking’ proposition, ICICI Bank offers treasury and transaction banking solutions, lending solutions, digital integrations, FDI handling, regulatory compliance services, and personal banking services for employees and founders. The Bank’s extensive presence across the globe, including New York, Toronto, London, Dubai, Singapore, and Hong Kong, enables it to provide startups with comprehensive solutions that cater to their unique needs. Additionally, the Bank’s ecosystem banking offering is further strengthened by its presence at GIFT City.

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.” 

As a part of the ‘Startup Ecosystem Banking’ initiative, ICICI Bank has established a specialized team to assist startups 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 process can be completed seamlessly within one working day of submitting the required documents, which is significantly faster than the industry standard of at least five days.

In addition, the Ecosystem Banking program enables startups to open Special Non-Resident Rupee (SNRR) accounts and create deposits in both US Dollars and Indian Rupees. Startups can also access escrow, custody services, and forex solutions to facilitate smooth and efficient capital flows.

Furthermore, the Bank provides state-of-the-art digital channels, including Corporate Internet Banking (CIB), InstaBIZ mobile application, Trade Online for trade-related transactions, an Integrated Payment System platform to facilitate vendor and tax payments, as well as solutions for e-collections and e-mandates.

Additionally, ICICI Bank offers an ‘API Developer Portal’ with over 250 APIs, enabling startups to collaborate and co-create innovative customer solutions quickly and efficiently. This significantly increases the productivity of startups and reduces the time required for digital collaboration.

For more information on ICICI Bank’s offerings at its GIFT City branch, please visit www.giftcity.icicibank.com. Startups can also contact their Relationship Manager or write to startupecosystem@icicibank.com to learn more.