ICICI Bank has recently unveiled digital solutions for exporters, which include a comprehensive set of banking and value-added services delivered through a single platform.
The suite of solutions digitizes the entire export life-cycle for MSMEs and large MNCs, from discovering export markets to export finance and foreign exchange services to receiving export incentives. The initiative aims to improve exporters’ operational efficiency by decongesting the current time-consuming manual procedures.
Additionally, the package of solutions provides services like Trade APIs and instant EPC (Export Packing Credit) disbursement. Instantaneous export financing is provided by Insta EPC, and seamless handling of export transactions from exporters’ ERP systems is made possible by Trade APIs, adding to the convenience.
Sumit Sanghai, Head- Large Clients Group, ICICI Bank, commented on the initiative, “Over the years, exports have been an integral part of India’s growth. India’s overall exports in FY 2022 grew by 36% to over USD 670 billion from a year-ago period. It is estimated to touch USD 2 trillion by 2030. ICICI Bank intends to support the growth of exporters with an all-encompassing suite of digital solutions. The set of solutions enables large, medium and emerging companies to undertake their export transactions online, anywhere and anytime. We believe that this initiative will bring in unmatched efficiency in the entire export lifecycle across industries and act as catalyst in their business growth.”
Digital solutions offers important services and products for exporters including Insta EPC, Trade accounts, Paperless exports solutions, Foreign exchange solution, Digital Letter of Credit facility, Electronic Bills of Lading, and Trade APIs.