Money & Banking

ICICI Bank launches online platform for foreign companies setting up shop in India

Our Bureau Mumbai | Updated on December 22, 2020

‘Infinite India’ platform offers banking solutions as well as other value-added services

Private sector lender ICICI Bank has launched an online platform for foreign companies that plan to set up business in the country.

“Called ‘Infinite India’, the platform offers them banking solutions as well as value-added services such as incorporation of a business entity, corporate filings, licences and registrations, HR services, compliances and taxation among others,” ICICI Bank said in a statement on Tuesday. This will help foreign companies, as it eliminates the need for coordinating with multiple touchpoints, leading to a hassle-free experience of doing business in India, it added.

Also read: HDFC, ICICI, and SBI top three banks of 2020, says report

Vishakha Mulye, Executive Director, ICICI Bank, told reporters the bank has tied up with service providers for these providing these facilities.

“Credit is not their requirement. They need a trusted partner to help and advise them to navigate the Indian system and also while setting up the business on the finance side,” she said, adding that it will also help to maximise the bank’s relationship with MNCs.

Also read: ICICI Bank revamps app to offer services of any bank

ICICI Bank has relationships with about 1,500 MNCs in the country and Mulye said she believes this number will grow. “Infinite India will not only help new clients but also existing clients,” she said.

Key services

Key services offered under the programme include incorporation services, licence and registration, taxation and compliance and HR services.

ICICI Bank will also offer authorised setting up of office, digital channels, trade services and treasury services. It said current accounts holders will get access to its corporate internet banking platform with over 300 services as well as a mobile banking application.

Further, as an ‘Authorised Dealer Category 1’, the bank can authorise the setting up of liaison office, branch office and project office in the country within the FEMA framework, it added.

Published on December 22, 2020

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