ICICI Bank on March 03 announced the launch of an array of digital solutions for participants of the capital market and clients of custody services.
The Bank has launched these solutions to offer expeditious onboarding and convenience to all participants of the Indian capital market which has seen significant growth in the last few years.
The Bank said that these solutions will enable various participants in the sector including stock brokers, Portfolio Management Service (PMS) providers, Foreign Portfolio Investors (FPIs), Foreign Direct Investors (FDIs), and Alternative Investment Funds (AIFs) to seamlessly meet all their banking requirements.
The newly launched ‘3-in-1’ account enables the clients of stock brokers to digitally open online trading, demat and savings accounts in a few hours from anywhere across the country, the bank said in a statement.
The facility empowers stock brokers to integrate their trading and depository systems with the Bank through API, providing them with the advantage of real time information on availability of investor funds.
The Bank has also enabled providers of PMS services to digitally open savings account and demat account in a single working day, significantly reducing
onboarding and activation time.
Additionally, the Bank has launched a digital platform for onboarding and registration of FPIs/FDIs from any country across the globe. It said that the platform helps FPIs/FDIs to upload documents and information seamlessly for pre-verification, thereby paring the registration and onboarding time down to a few days.
Sumit Sanghai, head- large clients group, ICICI Bank, said, “Indian capital market has witnessed significant growth over the last few years which can be gauged from the increase in number of demat accounts, rise in AUM of the mutual fund industry and surge in capital flows into the country.”
“We believe that the market will continue to experience robust growth and provide impetus to India’s journey towards becoming a $5 trillion economy by 2025. The digital set of solutions launched by the Bank will help the participants of the capital market and custody services meet regulatory requirements, significantly decongest manual processes, thereby improving their operational efficiency and scalability in business,” Sanghai added.
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