ICICI Bank announced the launch of ‘Infinite India ‘an online platform for foreign companies looking to expand business in the country, this new feature offers them banking solutions as well as value-added services. ICICI Bank’s ‘Infinite India’ platform an industry-first initiative offers significant convenience to MNC’s, as it removes the need for coordinating with multiple touchpoints leading to a problem-free experience of doing business in India.
According to Ms. Vishakha Mulye, Executive Director, ICICI Bank said, over the years, India has emerged as a great destination for foreign investment. The bank believes that a young demographic profile, strong consumer demand, and supportive government initiatives have boosted India’s economic outlook significantly. With this platform, any foreign company, from anywhere in the world, from any industry can visit the bank’s portal and make use of the services. Due to many reasons, China’s attractiveness is going down and India is becoming a preferred destination. The digital ecosystem has also worked in India’s favor, which is also resulting in foreign companies choosing India over other Asian countries. She also added that bank’s strategy to keep the focus of ICICI Bank’s global business India-centric. The bank has relations with over 1,500 companies in the country and the number will only grow. This platform along with helping the new clients, also benefit existing ones to do business in India.
Foreign direct investment flows were at $ 30 billion in the first half of the year despite the pandemic, as against the $43 billion last year. The bank, which has been witnessing robust growth in its foreign company business, announced a dedicated offering for the segment to further accelerate on the segment.
The Infinite India initiative is part of the bank’s strategy to further strengthen its technology-enabled offerings aimed to partner with MNC’s coming to India. The bank believes that its dedicated strategy for this segment will further simplify the journey of MNC’s looking to start or expand their business in India.
ICICI bank’s key value-added services include incorporation, taxation, human resource, and registration services and the banking services include authorization of office, digital banking, trade, and treasury services. The non-banking services are provided by a partnership with a cloud-based business accounting and corporate services firm.
