ICICI Bank rolls out platform for foreign firms setting up shop in India

ICICI Bank has launched an online platform dubbed “Infinite India” for foreign companies that are looking to establish or expand business in the country. 

The platform offers them 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. 

Touted as the first such service in India, the platform offers eliminates the need of co-ordinating with multiple touchpoints leading to a hassle-free experience of doing business in India.

”Over the years, India has emerged as a preferred destination for foreign investment,” said Vishakha Mulye, executive director of ICICI. “We believe that a young demographic profile, strong consumer demand and supportive government initiatives have boosted India’s economic outlook significantly.” 

She added that India’s position in the World Bank’s “Ease of Doing Business” survey improved significantly over the past few years, attracting foreign companies to set up operations there.

Through Infinite India, foreign companies get end-to-end services ranging from advisory to getting connected with subject matter experts, who in turn help the companies to incorporate a business entity, corporate filing, licenses and registration, HR services, compliances and taxation, among others. 

These value-added services are now available in association with a cloud-based business accounting and corporate services firm. ICICI plans to engage more partners in order to expand its array of services on the platform.

Also, ICICI the platform spreads across corporate banking, personal banking, treasury operations, trade services, digital channels, internet banking and mobile application, API integrations, customised current account with a dedicated manager and authorise set-up of office among many other banking services.