edited by: Mohammad Haris
Last Update: March 02, 2023, 16:57 IST
ICICI Bank has launched a digital platform for onboarding and registration of FPI/FDI from any country across the globe.
ICICI Bank has enabled PMS service providers to digitally open a savings account and demat account within a single working day, reducing the onboarding and activation time.
ICICI Bank on Thursday launched a range of digital solutions for capital market participants and customers of custody services. These solutions enable various participants in the sector including Stock Brokers, Portfolio Management Service (PMS) providers, Foreign Portfolio Investors (FPIs), Foreign Direct Investors (FDI) and Alternative Investment Funds (AIFs) to meet all their banking needs seamlessly. enable.
The bank has launched these solutions to provide speedy onboarding and facilitation to all participants of the Indian capital market, which has seen significant growth over the years. The newly launched ‘3-in-1′ account enables stockbrokers’ clients to open online trading, demat and savings accounts digitally in a matter of hours from anywhere across the country. This facility empowers stock brokers to integrate their trading and depository systems with the bank’s through APIs, giving them the benefit of real-time information on the availability of investor funds.
The bank has enabled PMS service providers to open savings account and demat account digitally within a single working day, thereby significantly reducing the onboarding and activation time.
Additionally, the Bank has launched a digital platform for onboarding and registration of FPI/FDI from any country across the globe. The platform helps FPIs/FDIs to seamlessly upload documents and information for pre-verification, thereby reducing the registration and onboarding time by a few days.
Sumit Sanghai, Head (Large Client Group), ICICI Bank said, “The Indian capital market has witnessed significant growth in the last few years, which can be gauged from the increase in the number of demat accounts, increase in AUM of the mutual fund industry . and increase in capital inflow into the country. The market capitalization of listed Indian corporates has increased from Rs 148 lakh crore to Rs 257 lakh crore in the last five years.”
Shanghai said the market will continue to experience strong growth and accelerate India’s journey towards becoming a $5 trillion economy by 2025. The digital set of solutions introduced by the bank will help capital market and custodial services participants to meet regulatory requirements. Significantly reduces manual processes, thereby improving their operational efficiency and scalability across businesses.
Key Services and Offerings of Digital Solutions for Institutions in Capital Markets and Custody Services:
‘3-in-1’ account facility for stockbrokers and clients: This facility enables investors to open Demat, Savings Bank and Trading accounts simultaneously in a completely digital manner within a few hours. This feature enables investors to block funds in the account for a particular transaction, instead of transferring funds to brokers.
Digital Account Opening for PMS Customers: As a custodian, the bank provides a first of its kind solution for digital demat and bank account opening to the end customers of PMS. The physical account opening process takes 7 to 10 days, while the account is opened in a day with a simple digital visit.
Digital on-boarding and pre-verification of FPI/FDI clients: The Bank provides state-of-the-art digital platform for onboarding of FPI/FDI. The digital process removes the turn-around time required for dealing with multiple time zones. Customers can fill the online application form and upload supporting KYC documents such as Certificate of Incorporation, Memorandum of Association, Regulatory License etc. for the pre-verification process.
Self Service Portal: The Bank provides a self-service portal for customers of custody services including PMS, AIFs and Foreign Institutional Investors (FIIs) which provides round the clock digital access to custody holdings, transactions and various reports through ‘Web Custody’. Corporate Internet Banking.
Value Added Services for AIF: The bank provides solutions to AIFs which include services such as fund accounting, forex, escrow arrangements, digital collections 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 the AIF and its investors.
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