ICICI Bank announces Ecosystem Banking for Indian Start-ups

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.

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 in a press statement.

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.

Rajesh Rai, business head- west and 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. 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 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.