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

The startups up to 10 years old can opt for the current account of the bank.The startups up to 10 years old can opt for the current account of the bank.

In a bid to attract entrepreneurs with a range of services, ICICI Bank has launched ‘iStartup2.0’ that offers solutions beyond banking. The service seeks to help entrepreneurs with solutions that range from setting up firm and digitisation.

The bank said that it would help take care of aspects such as regulatory assistance, analytics, staffing, accounting, customer acquisition and digital outreach to customers, among others. The lender formally launched the product on Thursday. Pankaj Gadgil, head — self employed segment, ICICI Bank, said that bank has focused on ease of doing business following the feedback it received from customers. “The solution also takes care of financing side,” he added.

The bank has launched the product for entrepreneurs at a time when Reserve Bank of India (RBI) has brought startups under the purview of priority sector lending (PSL). As per website of ICICI Bank, iStartup2.0’ is available in three variants platinum, gold and silver. The three categories of current account will have different charges as per services.

The startups up to 10 years old can opt for the current account of the bank. Further, startups 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 (MCA).

It also offers other features namely instant payment of Goods and Services Tax (GST), easy bulk collection and payments of funds through multiple modes, automatic bank reconciliation and inward/outward remittances, among others.

The bank wants to cater to 8.5 lakh customers which were registered for start ups since 2010 on MCA website. Without giving a specific target, Pankaj Gadgil said that bank already caters to a large number of startups and idea is to penetrate further. “We foresee that the startup segment in the country is poised for rapid growth with favorable regulations in the ecosystem and high spirit of entrepreneurship,” he added.

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