ICICI Bank has launched a digital platform for onboarding and registration of FPIs/ FDIs from any nation throughout the globe.
The facility empowers inventory brokers to combine their buying and selling and depository programs with the Bank by way of API
ICICI Bank on March 03 introduced the launch of an array of digital options for contributors of the capital market and shoppers of custody providers.
The Bank has launched these options to supply expeditious onboarding and comfort to all contributors of the Indian capital market which has seen important progress in the previous couple of years.
The Bank mentioned that these options will allow numerous contributors within the sector together with inventory brokers, Portfolio Management Service (PMS) suppliers, Foreign Portfolio Investors (FPIs), Foreign Direct Investors (FDIs), and Alternative Investment Funds (AIFs) to seamlessly meet all their banking necessities.
The newly launched ‘3-in-1’ account allows the shoppers of inventory brokers to digitally open on-line buying and selling, demat and financial savings accounts in just a few hours from anyplace throughout the nation, the financial institution mentioned in an announcement.
The facility empowers inventory brokers to combine their buying and selling and depository programs with the Bank by way of API, offering them with the benefit of actual time data on availability of investor funds.
The Bank has additionally enabled suppliers of PMS providers to digitally open financial savings account and demat account in a single working day, considerably decreasing
onboarding and activation time.
Additionally, the Bank has launched a digital platform for onboarding and registration of FPIs/FDIs from any nation throughout the globe. It mentioned that the platform helps FPIs/FDIs to add paperwork and data seamlessly for pre-verification, thereby paring the registration and onboarding time down to some days.
Sumit Sanghai, head- giant shoppers group, ICICI Bank, mentioned, “Indian capital market has witnessed important progress over the previous couple of years which may be gauged from the rise in variety of demat accounts, rise in AUM of the mutual fund business and surge in capital flows into the nation.”
“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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