Money & Banking

ICICI Bank launches scheme for start-ups

Our Bureau Mumbai | Updated on September 10, 2020

ICICI Bank has tied up with companies to provide single-point access to a host of services   -  REUTERS

iStartup2.0 is a one-stop shop for new businesses

ICICI Bank has launched ‘iStartup2.0’, a scheme for start-ups to meet their banking as well as beyond-banking needs such as regulatory assistance, analytics, staffing, accounting, customer acquisition and digital outreach to customers.

The private sector bank sees a big business opportunity in the start-up space, with the number of new companies getting registered jumping about 50 per cent to 16,487 in July 2020 from 10,954 in June 2020.

Under the programme, new businesses (up to 10 years old), including partnerships, private and public limited companies as well as limited liability partnerships, can opt for a current account, which will have three variants — Platinum, Gold and Silver — the bank said in a statement.

Further, start-ups can seamlessly open accounts and get the account number instantly at the time of incorporation as the bank has integrated its APIs (Application Programming Interface) with the website of the Ministry of Corporate Affairs (MCA).

Other benefits of the current account include availability of a dedicated relationship manager, premium savings accounts for promoters and salary accounts for employees, and waiver of quarterly average balance for a year, the bank said.

Additionally, start-ups can customise and choose the facilities required in their account and use a single account for both domestic and international trade transactions with preferential pricing.

Pankaj Gadgil, Head - Self Employed Segment, ICICI Bank, said: “The MSME and self-employed segment in India is the backbone of the economy. Within this, we foresee that the start-up segment in the country is poised for rapid growth with favourable regulations in the ecosystem and high spirit of entrepreneurship.

“..,It (iStartup2.0’) undertakes all business, trade and personal banking requirements within this one relationship and transact digitally using robust mobile and internet banking platforms on-the-go.”

The bank has tied up with companies to provide single-point access to a host of services (such as company registration, website development, digital marketing, staffing solutions, regulatory, logistics, tax solutions and accounting) under ‘Startup Assist’.

Published on September 10, 2020

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