Edited By: Mohammad Haris
Last Updated: March 02, 2023, 16:57 IST
ICICI Bank has launched a digital platform for onboarding and registration of FPIs/ FDIs from any nation throughout the globe.
ICICI Bank has enabled suppliers of PMS companies to digitally open financial savings account and demat account in a single working day, decreasing onboarding and activation time
ICICI Bank on Thursday launched an array of digital options for members of the capital market and shoppers of custody companies. The options allow numerous members within the sector together with inventory brokers, portfolio administration service (PMS) suppliers, international portfolio traders (FPIs), international direct traders (FDIs), and different funding funds (AIF) to seamlessly meet all their banking necessities.
The financial institution has launched these options to supply expeditious onboarding and comfort to all members of the Indian capital market which has seen important progress in the previous few years. The newly launched ‘3-in-1’ account permits the shoppers of inventory brokers to digitally open on-line buying and selling, demat and financial savings account in few hours from wherever throughout the nation. The facility empowers inventory brokers to combine their buying and selling and depository methods with the financial institution via API, offering them with the benefit of actual time data on availability of investor funds.
The financial institution has additionally enabled suppliers of PMS companies to digitally open financial savings account and demat account in a single working day, considerably decreasing onboarding and activation time.
Additionally, the financial institution has launched a digital platform for onboarding and registration of FPIs/ FDIs from any nation throughout the globe. 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 (massive shoppers group) at ICICI Bank, stated, “The Indian capital market has witnessed important progress over the previous few years which may be gauged from the rise in quantity of demat accounts, rise in AUM of the mutual fund trade and surge in capital flows into the nation. The market capitalisation of listed Indian corporates has elevated from — Rs 148 lakh crore to — Rs 257 lakh crore over the previous 5 years.”
Sanghai added 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.
The key services and offerings of the digital solutions for entities in capital markets and custody services:
‘3-in-1’ account facility for stock brokers and clients: The facility enables investors to open a demat, savings bank and trading account simultaneously in a completely digital manner, within few hours. This facility enables the investors to simply block funds in the account towards a particular transaction, instead of transferring the funds to the brokers.
Digital account opening for PMS clients: As a custodian, the bank offers first-of-its-kind solution to open digital demat and bank account for end clients of PMS. The account is opened with a simple digital journey in a single day as against the physical account opening process which takes 7 to 10 days.
Digital on-boarding and pre-verification of FPI/FDI clients: The bank offers state-of-art digital platform for onboarding of FPIs/FDIs. The digital process does away with longer turn-around time required for dealing with multiple time zones. The clients can fill the application form online and upload the supporting KYC documents such as certificate of incorporation, memorandum of association, regulatory licences, etc. for pre-verification process.
Self-service portal: The bank offers a self-service portal to clients of custody services including PMS, AIF and foreign institutional investors (FIIs) that provides round-the-clock digital access to custody holdings, transactions and various reports through ‘web custody’, a new feature of corporate internet banking.
Value-added services for AIFs: The bank offers solutions to AIFs including services such as fund accounting, forex, escrow arrangement, digital collection and payment solutions. The Bank’s latest fund accounting software has the capability to manage all asset classes including regulatory reporting apart from web based access to AIF and its investors.
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