Credit and Finance for MSMEs: Private lender, ICICI Bank has launched a range of digital solutions to streamline the lifecycle of exports.
Designed especially for exporters, these solutions range from identification of the right export market, to accessing export finance and foreign exchange services to receipt of export incentives.
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The rationale behind the launch is to streamline several manual procedures and compliances for exporters and improve their operational efficiency, said the bank’s statement.
Facilities such as instant export finance and a current account to hold foreign currency are included in the suite of solutions.
A platform for digital filing of documents and invoices to reduce the turnaround time for transactions; a specialized Current Account like One Globe Trade Account (OGTA) for export and import related transactions; a foreign exchange solution enabling exporters to book forex deals over phone or online, an Electronic Bills of Lading (e-BL) facilitating end-to-end digital movement of trade documents across the world amongst others are also a part of the package.
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Sumit Sanghai, Head, Large Clients Group, ICICI Bank said, “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 a catalyst in their business growth.”
“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 $670 billion from a year-ago period. It is estimated to touch $2 trillion by 2030,” he added.