ICICI Bank launches iStartup2.0: Service offering for start-ups

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During a bid to appeal the entrepreneurs with a numerous range of services, ICICI Bank has launched ‘iStartup2.0’ which offers solutions beyond the banking system. The service seeks to assist entrepreneurs with solutions and answers that range from setting up a firm and digitisation.

It is available in three variants which are Platinum, Gold and Silver, the programme provides customers with an eponymous Current Account. New businesses which have aged only up to 10 years which includes partnerships, private and public limited companies as well as limited liability partnerships can choose for the Current Account. Added, start-ups can open an account and get their account number at the time of commencement as the Bank has integrated its APIs with the website of the Ministry of Corporate Affairs.

The bank stated that it would aid in taking care of aspects such as regulatory assistance, analytics, accounting, staffing, customer acquisition and digital outreach to customers, among other services. The lender formally launched the product on September 10th 2020. Pankaj Gadgil, head of the self-employed segment, ICICI Bank, told that bank has been attentive on ease of doing business following the feedback it got from customers. The solution also takes care of financing side, he further added.

The bank has launched this product for businesspersons at a time when Reserve Bank of India has brought start-ups under the horizon of priority sector lending. As per the website of ICICI Bank, iStartup2.0’ is available in three variants platinum, gold and silver. The three categories of the current account will have diverse charges as per the services availed.

The start-ups up to 10 years old can choose for the current account of the bank. Added, start-ups can open an account and get the account number at the time of incorporation as the bank has integrated its application programming interface (APIs) with the website of the Ministry of Corporate Affairs. It also proposals other features specifically instant payment of Goods and Services Tax (GST), easy bulk collection and payments of funds through numerous modes, automatic bank reconciliation and inward/outward remittances, among others.

The bank wants to provide to 8.5 lakh customers who were registered for start-ups since the year 2010 on the MCA website. Without giving a specific target, Pankaj Gadgil told that bank already caters to a large number of start-ups and idea is to pierce further. They foresee that the start-up segment in our country is composed of rapid growth with favourable regulations in the ecosystem and high spirit of entrepreneurship, he stated.

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