On December 22, 2020 ICICI Bank Ltd launched ‘Infinite India’, an online platform for foreign companies who set up or expand business in India. The portal unifies different banking and value-added services on one platform for foreign companies throughout their business lifecycle. With this launch, ICICI bank becomes the 1st bank in India to offer such facilities. This initiative is an industry first initiative.
i.The initiative is a part of the bank’s strategy to further reinforce its technology enabled host of services to foreign companies/MultiNational Corporations(MNCs) coming to India.
ii.The services that are technology enabled aims to strengthen the position of the bank in the MNC segment.
Key Services provided by the Platform:
i.The bank as an authorised dealer category 1, can authorise the foreign companies to set up Liaison Office (LO), Branch Office (BO) and a Project Office (PO) in India within the framework of FEMA (Foreign Exchange Management Act), 1999.
ii.Bank’s Corporate Internet Banking platform that has more than 300 services and mobile banking platform can be accessed by Current Accounts holders
iii.It offers a diverse range of trade finance solutions that includes, Bank Guarantee (BG), Letter of Credit (LC), remittances among others.
iv.It also provides access to the lending treasury operation in India with 24*7 service.
It provides value added services including,
- Incorporation services
- Licences and registrations
- Taxation and compliance and
- HR services
Benefit of Platform
i.It offers significant convenience to foreign companies, as it removes the need to integrate with multiple touch points, which leads to hassle-free experience in doing business in India.
ii.The foreign companies can get services at an attractive price to a host of services.
The value added services are available in association with a leading cloud based business accounting and corporate services firm.
Recent Related News:
i.SBM Bank (India) Limited (SBM Bank India), the wholly-owned subsidiary of State Bank of Mauritius has partnered with Fintech PayNearby to launch a neo banking platform.
ii.On September 09, 2020 Mastercard launched Central Bank Digital Currencies (CBDCs), a Virtual Testing Environment for Central Banks to Assess and Explore National Digital Currencies.
About ICICI Bank:
At September 30, 2020, the consolidated total assets of the bank was at Rs 14,76,014 crore.
It was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry.
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka