ICICI Bank has launched a digital platform to enable and register FPI/ FDI from any country across the globe.
This tool allows stockbrokers to integrate their trading and depository systems with the Bank via API
ICICI Bank on March 03 announced the launch of a suite of digital solutions for capital market participants and custodial services clients.
The bank has launched these solutions to offer quick connectivity and convenience to all participants in the Indian capital market, which has seen significant growth over the past few years.
The bank said that these solutions will enable the various participants in the sector, including stockbrokers, Portfolio Management Service (PMS) providers, Foreign Portfolio Investors (FPIs), Foreign Direct Investors (FDIs) and Alternative Investment Funds (AIFs) to all be seamlessly satisfied. their banking requirements.
The newly launched ‘3-in-1’ account will enable customers of stockbrokers to open online trading, demat and savings accounts digitally within hours from anywhere in the country, the bank said in a statement.
This facility allows stockbrokers to integrate their trading and depository systems with the Bank via API, giving them the advantage of real-time information on the availability of investor funds.
The bank has also enabled PMS service providers to digitally open savings accounts and demat accounts on the same working day, which cuts down significantly.
start-up and start-up time.
In addition, the Bank has launched a digital platform to connect and register FPI/FDI from any country in the world. This platform helps FPIs/FDIs to seamlessly upload documents and information for pre-verification thereby reducing registration and onboarding time to a few days.
Sumit Sanghai, Senior Client Group, ICICI Bank, said, “The Indian equity market has witnessed significant growth over the past few years, which can be gauged by the increase in the number of demat accounts, growth in AUM and the growth of the mutual fund industry. in the flow of capital to the country”.
“We believe that the market will continue to grow steadily and provide momentum for India’s journey to become a $5 trillion economy by 2025. The digital suite of solutions produced by the bank helps capital market participants and custodial services meet regulatory requirements. , significantly reducing manual processes, thus improving their business operational efficiency and scalability,” Sanhai added.
Read all the latest business news here
