ICICI Bank unveils online platform for foreign businesses in India

The private sector lender said it is an industry-first initiative that offers significant convenience to foreign companies, as it eliminates the need of coordinating with multiple touchpoints leading to a hassle-free experience of doing business in India.

New Delhi: ICICI Bank on Tuesday announced the launch of an online platform for foreign companies that want to set-up or expand their businesses in India, providing them various banking solutions and value-added services.

Infinite India platform offers banking solutions as well as value-added services such as incorporation of a business entity, corporate filings, licences and registrations, HR services, compliances and taxation among others, ICICI Bank said in a release.

The private sector lender said it is an industry-first initiative that offers significant convenience to foreign companies, as it eliminates the need of coordinating with multiple touchpoints leading to a hassle-free experience of doing business in India.

As part of bank's technology-enabled-services, Infinite India is aimed at strengthening the position of the lender in the multinational corporation (MNC) segment, an important area, it said, adding ICICI Bank will continue to build strong relationships with MNCs in India.

Vishakha Mulye, Executive Director, ICICI Bank said, “Over the years, India has emerged as a preferred destination for foreign investment. We believe that a young demographic profile, strong consumer demand and supportive government initiatives has boosted India's economic outlook significantly."

Also, India's position in the World Bank's survey on 'ease of doing business' improved significantly over the past few years, attracting foreign companies to set up operations here, she said.

Among the key value added services under this, it will offer incorporation services at set up stage such as laws as regulations advisory, liaison office, branch office, project office or Limited Liability Partnership (LLP) advisory.

It will also offer services on licences and registration, taxation and compliance and human resources assistance.

Multinational from industries including IT, ITES services, manufacturing, pharmaceuticals, automotive, textiles among others can visit the Infinite India portal and apply for the required service, ICICI Bank said.

(PTI)