ICICI Bank to offer Ecosystem Banking to Indian startups

16 Mar 2023 , 02:32 PM

After the collapse of Silicon Valley Bank, ICICI Bank has announced that it will be offering a comprehensive bouquet of digital and physical solutions to cater to all banking needs of startups across their various life stages.

It will provide the services through its domestic and international network and branch at GIFT City, the Gujarat-based emerging global financial and IT services hub.

Under the scheme, ICICI Bank will offer 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 & 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 ecosystem banking service will help startups to open Special Non-Resident Rupee (SNRR) account and create deposits in Indian Rupees (INR) and US Dollar (USD). Alongside, they can also avail escrow, custody services and forex solutions for seamless and efficient capital flows, said ICICI Bank.