Private lender ICICI Bank has unveiled a comprehensive programme for start-ups that will handle their banking as well as beyond banking needs.
Named ‘iStartup2.0’, is said to be India’s most comprehensive programme, and ensures customers with an eponymous Current Account that is available in three variants namely Platinum, Gold and Silver– the widest range by any Bank for start-ups.
The programme will be helping the start-ups in their requirements pertaining to regulatory assistance, analytics, staffing, accounting, customer acquisition and digital outreach to customers, among others.
As a part of this programme, new businesses (up to 10 years old) including partnerships, private and public limited companies as well as limited liability partnerships can choose the Current Account.
Besides, start-ups can open an account and get account number instantly at the time of incorporation as the lender has integrated its APIs with the website of the Ministry of Corporate Affairs (MCA).
The lender also sends an official to the start-up to verify the original documents for KYC.
Pankaj Gadgil, Head- Self Employed Segment, ICICI Bank said, “The MSME & self-employed segment in India is the backbone of the economy. Within this, we foresee that the startup segment in the country is poised for rapid growth with favourable regulations in the ecosystem and high spirit of entrepreneurship. We believe that ‘iStartup 2.0’ is the most comprehensive programme available in the country. It offers them unprecedented convenience of getting on-boarded with us instantly in a digital manner during incorporation with MCA. It undertakes all business, trade and personal banking requirements within this one relationship and transact digitally using the robust mobile and internet banking platforms on-the-go.
Our research shows that startups also need immense hand-holding initially for other areas of business like website development, digital marketing, staffing solutions, regulatory and tax solutions and accounting. Armed with this insight, we have tied up with companies who are leaders in their fields to offer services under ‘Startup Assist’. It provides a ‘one-stop shop’ for nearly all the early stage as well as growth stage needs of a startup. We believe that this ‘all-in-one’ and comprehensive iStartup 2.0 programme will provide easy banking and beyond- banking services to start ups, free up their bandwidth from paper-intensive procedures and thus boost their business growth by improving overall productivity and efficiency.”