Icici Bank Integrates Banking And Accounting With Open.docx

ICICI Bank integrates banking and accounting with Open 

Written byHenry Vilar

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1st November 2018

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Fintech start-up Open Financial Technologies has partnered with India’s ICICI Bank to launch an integrated payments platform for micro, small and medium enterprise (MSME) customers.

ICICI Bank teams with fintech start-up Open This integration enables ICICI Bank’s current account holders to connect their bank account with the “Open” platform and carry out invoicing, online payments, vendor payouts as well as accounting. It also enables businesses to automatically reconcile banking and accounting entries to generate profit and loss statements, balance sheets and expense reports. This aims to eliminate the need for manual data entry, automate banking functions like invoicing, payments and reconciliation on a single platform as well as facilitate payments to vendors/suppliers directly through the accounting platform.

The existing customers of ICICI Bank can access the platform through the bank’s corporate internet banking portal.

ICICI Bank unveils innovation labs 

Written byAntony Peyton

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29th May 2018

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ICICI wants to “think like a tech company” India’s ICICI Bank has launched two innovation labs as it hunts for digital growth and a new mindset. The new labs are in Mumbai and Hyderabad, with a team of 22 people, headed by Rohan Angrish, former CTO of lending firm Capital Float. B Madhivanan, group executive and CTO, ICICI Bank, says: “We want to be digital at the core, remove paper and as many people as possible and have end-to-end processes driven by technology.”

According to the bank, 82% of its transactions by savings account customers are currently digital, excluding ATM transactions. Like other banks around the world, Madhivanan says ICICI wants to “think like a tech company”. All across India, microlending firms have been springing up and ICICI is looking to compete with its own solutions. ICICI says it wants to enhance cash management efficiency and develop a marketplace for corporate commercial papers and debt. The team was created around “three to four months back” and it expects results within an 18-month window. As reported back in February, ICICI was one of three Indian organisations calling for start-ups to apply for a mentorship programme. This kind of interest has unsurprisingly not waned. Madhivanan says the bank is looking for fintech partnerships and created a INR 1 billion ($14.7 million) fund to this end. Of that sum, it has already invested INR 400 million and plans to invest the remaining amount over the next six months. According to Business Standard, the bank has partnered and invested in FingPay, which enables merchant-onboarding by using electronic know your customer (KYC) verification. The bank has used some of its functionalities for enabling the Aadhaar pay option on Eazypay, its digital point-of-sale application. The ICICI group holds a 20% stake in Arteria, which provides supply chain solution and payment integration services to original equipment manufacturers and their supply chain network. The bank has partnered with digital onboarding solution company Signzy and used it for enabling the bank’s current account opening application. Business Standard adds that the bank is also working on robotic process automation (RPA), which is currently used for 30-35% of its processes, i.e. around one million transactions per day. ICICI has five mobile applications for various segments of its business. iMobile – its primary banking app, iPal – an artificial intelligence (AI) powered chatbot, iBiz for corporates and MSMEs, meraiMobile for rural lending, and Pockets – its e-wallet.

Sociable ICICI Bank slings “Social Pay” your way 

Written byAntony Peyton

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5th April 2018

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ICICI Bank has launched a new service offering non-resident Indians (NRIs) the ability to send money to a beneficiary in India using social media and e-mail.

“First-of-its-kind service by any Indian bank” Called “Social Pay”, this “first-of-its-kind service by any Indian bank” is available on Money2India (M2I), the bank’s app for remittances. Vijay Chandok, executive director, ICICI Bank, says: “With an increasing number of people connected on social media globally, Social Pay embraces the medium as a way to simplify money transfers, adding to customer convenience.” To transfer money, users need to generate a link from the M2I app and share it with the beneficiary on their social media profile or email for adding his/her bank details. This link, which is valid for 24 hours is secured with a four-digit code set by the sender, which he/she shares with the beneficiary.

The beneficiary then validates the passcode before adding the bank details. The M2I user then reverifies and confirms the payment details on the app to complete the transaction. The communication between the app and social media platforms is carried out using the bank’s “secured channels to ensure safety and privacy of information”. According to the bank, M2I has been facilitating remittances into the country for the last 15 years. Last year, ICICI Bank unveiled India’s first voice-based international remittance service to enable NRIs to send money to any bank in the country

ICICI Bank sets the tone for voice-based payments in India 

Written byAntony Peyton

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8th November 2017

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India’s first voice-based international remittance service ICICI Bank has unveiled India’s first voice-based international remittance service to enable nonresident Indians (NRIs) to send money to any bank in the country.

With the new feature in its Money2India (M2I) app, an NRI customer can make a remittance to existing payees in India with a voice command to Apple’svirtual voice assistant, Siri. ICICI says it replaces a fivestep process. Vijay Chandok, executive director, ICICI Bank, says its “philosophy is ‘Ready for you. Ready for tomorrow’” and the integration of the app with Siri is “an outcome of this vision”. Like many others, the bank cites the growing prominence of mobile devices in everyday life, and says its customers can “transfer money seamlessly, while using their mobile phone, rather than engaging with a separate banking platform”. All transactions take place on the servers of ICICI Bank within the M2I app itself and “no confidential or financial information is shared”. Pilots and partnerships Elsewhere, the bank was one of several organisations that welcomed six graduating start-ups from Startupbootcamp FinTech Mumbai for pilots. ICICI Bank also announced a partnership with Twitter to integrate a set of digital customer support features for the bank’s customers.

New payments bank launched in India, Fino Payments Bank 

Written byTanya Andreasyan

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24th July 2017

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New bank for “millions of hardworking Indians” India has seen the launch of its fourth payments bank, Fino Payments Bank. It joins Airtel Payments Bank, India Post Payments Bank and Paytm Payments Bank. For its core banking system, the bank uses Profile from FIS, delivered on a hosted basis. The same system and set-up is already used by a number of other Indian banks, including North East Small Finance Bank and Bharatiya Mahila Bank. Fino was originally set up as a domestic remittance and paytech company in 2006 and has been profitable since 2010. It received the authorisation from the Reserve Bank of India (RBI) to operate as a bank in March 2017. “We are the first payments bank to go live with 410 branches and more than 25,000 banking points on day one,” it states on its newly launched website. Its Fino Money Mart outlets were converted into bank branches. “Payments bank licence couldn’t have come at a more opportune time for us when the digital payments and banking ecosystem is in place,” states Rishi Gupta, MD and CEO of Fino Payments Bank. “We intend to make banking simple and convenient to millions of hardworking Indians through a mix of physical and digital platforms.” The bank will offer a broad range of products and services, including current and savings accounts, remittances, lending, mobile banking, life and general insurance and bill payments. “We plan to acquire three to four million customers in the first year with the aim of increasing it to 50 million with a deposit base of INR 100 billion [$1.6 billion] in five years,” Gupta says. “We plan to build a network of over 100,000 points and 1,000+ branches.” Fino Payments Bank is backed by ICICI Group, Bharat Petroleum, Blackstone, International Finance Corporation (IFC), Corporation Bank, Union Bank of India, and Indian Bank. It also has a strategic partnership with ICICI Bank, whereas it sells ICICI Bank’s products through its network.

Six Startupbootcamp stars secure sweet deals in India 

Written byAntony Peyton

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2nd June 2017

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Six graduating start-ups from Startupbootcamp FinTech Mumbai have secured pilots with banks and corporates such as RBL Bank, ICICI Bank and State Bank of India (SBI). At Startupbootcamp’s demo day at the Royal Opera House in Mumbai, 11 start-ups showcased technologies in financial services to more than 400 guests. Propositions included SME banking, blockchain, digital payments, and personal finance management. Adrian Johnson, MD at Startupbootcamp FinTech Mumbai, says: “The enthusiasm, drive and focus we’ve seen from our inaugural cohort of start-ups really demonstrates the need to address the financial needgap of the Indian economy.” The 11 firms who took the stage were (bold indicates it secured a pilot): 

Bitgram: A customer trust “SuperIdentity” protocol for corporates, which uses a blockchain base to ensure data integrity. It has secured pilots with ICICI and RBL.

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Canopi: Offers SMEs working capital loans using their unpaid invoices. It “will soon secure its partnership with RBL”.

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Doboz: Provides merchants/companies with a custom currency and loyalty programme. It has partnered with ICICI and RBL.

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Expowealth: Lets retail investors invest in mutual funds by offering commission-free investment advisory and fulfilment.

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Greendeck: Offers “Pricing-as-a-Service” to helps businesses price products and services. It has secured a pilot with online gaming firm Games2Win.

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Manage My Fortune: Online wealth management marketplace for individuals to invest under the guidance of Securities and Exchange Board of India (SEBI) advisors.

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mTrakr: Personal finance tool – it has secured a pilot with ICICI.

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Propelld: Provides education loans to students with limited credit history.

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Quickkloan: Offers credit scoring analytics-based marketplace for loans.

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Rupie: Mobile only and self-service micro finance solution for “urban, unbanked people”. It has secured a pilot with RBL.

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Zilra: Cross-border payment processor for freelancers. Helps Indian freelancers and small businesses receive payments from overseas clients.

Upon completion of the programme, these 11 will be supported by Startupbootcamp’s alumni growth programme as they expand their businesses and look to raise funds. Launched in 2014, Start up boot camp Fin Tech is an accelerator focused on innovation for the financial services industry. Based in London, Singapore, New York, Mumbai and Mexico City, each programme is supported by a network of partners, as well as a mentor and alumni network from more than 30 countries. In India, it is supported locally by ICICI Bank, RBL Bank, Capital First, ICICI Lombard, PwC and AZB & Partners.

Millions at risk from India ATM hack 

Written byAntony Peyton

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20th October 2016

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ATMs at some of India’s biggest banks have suffered a malware attack, with around 3.2 million debit cards now at risk. Most of the affected cards belong to HDFC Bank, ICICI Bank, State Bank of India (SBI) and Yes Bank. The malware potentially means unauthorised individuals can get access to the data on debit cards – with Visa, MasterCard and RuPay the primary concerns. The banks have reacted, with some offering to replace the compromised cards, while others, such as HDFC, simply recommend a PIN change. SBI says it will re-issue over 600,000 debit cards at “no cost” and adds that the issue is a “security breach, but not in our bank’s systems”. MasterCard also made some noise and says its “own systems have not been breached”. It is also “working on the investigations with the regulators, issuers, acquirers, global and local law enforcement agencies and third party payment networks to assess the current situation”. Abhaya Prasad Hota, MD and CEO at the National Payments Council of India (NPCI), says it has “received complaints from banks about debit cards being used in China, which aroused suspicion”. NPCI has started a forensic audit on its bank servers. Last month, Axis Bank, which was the first in India to pilot the RuPay EMV contactless smart card, reported a breach to the Reserve Bank of India(RBI) after its server was attacked by an “offshore hacker”. There were no reports of customers being affected, and the bank is investigating if the malware is still in its system. According to the RBI, as of July, Indian banks had issued 697 million debit cards

Infosys blockchain powers ICICI Bank and Emirates NBD trade finance ops 

Written byAntony Peyton

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12th October 2016

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Made for trade? ICICI Bank and Emirates NBD say they have successfully executed the “first” banking transactions using blockchain in international trade finance in India and the UAE respectively. The development saw the exchange and authentication of remittance transaction messages as well as original international trade documents related to purchase orders, invoices, shipping and insurance, among others, electronically on blockchain in real time. ICICI says typically, this process takes a few days, but with blockchain it is “almost instant” – i.e. “only a few minutes”. The pilot transactions were made on a custom-made blockchain application, co-created with EdgeVerve Systems, a subsidiary of Infosys. In April, Banking Technology reported on the launch of the EdgeVerve Blockchain Framework, targeted at the financial services sector. Both banks are long-standing customers of Infosys and users of its Finacle core banking software. Chanda Kochhar, MD and CEO, ICICI Bank, says blockchain “will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure”.

Shaikh Ahmed bin Saeed Al Maktoum, chairman, Emirates NBD, says pretty much the same thing. But as a special treat adds that blockchain is a “game changer”. While both worked together on the blockchain-powered transactions, that esprit de corps didn’t extend to their official announcements. Both banks issued separate press releases, which lauded their own individual merits, yet only briefly mentioned the other. One joint press release would have been enough. And would have spared us the jargon.

ICICI and Axis first Indian banks to join Swift payments initiative 

Written byAntony Peyton

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25th July 2016

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ICICI Bank and Axis Bank are the first Indian banks to sign up for Swift’s global payments innovation initiative. Swift says both of them will be joining forces with more than 70 other banks globally. The initiative aims to “enhance” cross-border payments by using its messaging platform.

In its first phase, the initiative will focus on business-to-business payments. Key features include the same day use of funds, “transparency and predictability” of fees, end-to-end payments tracking, and transfer of payment information. Ajay Gupta, senior general manager, ICICI Bank, says the initiative means its clients “will immensely benefit with same day credit, increased visibility and certainty of charges”. Sidharth Rath, group executive, corporate and transaction banking, Axis Bank, says the payment scenario is “dynamic” and it needs to “embrace new technologies and initiatives” for the “ever increasing needs of our customers”. Swift says it is working closely with the industry to “transform” correspondent banking and with the global payments innovation initiative it wants to set a “new standard” in cross-border payments. It says additional banks are welcome to join the initiative at any time. Swift and the participating banks from the initiative, will discuss this topic further at Sibos 2016 with specific sessions focused on payments innovation. India still Earlier this year, Swift India Domestic Services (Swift India) went live as the nation seeks to improve its digital economy. Swift India is a joint venture created by Swift, the global banking co-operative, and nine partner banks to “address domestic market needs” of the Indian financial services industry.

ICICI Bank launches mobile banking app competition with Visa 

Written byAntony Peyton

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17th February 2016

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ICICI Bank’s HQ, Mumbai India’s ICICI Bank has launched an ‘ICICI Appathon’ as it looks for innovations in mobile banking apps. The bank wants participants in India to create new APIs in five different categories – retail banking, corporate banking, treasury, ‘ICICI Group’ (such as insurance and securities), and ‘Partner APIs’. The latter comprises Visa and National Payments Corporation of India (NPCI). ICICI Bank says solutions need to “surpass the currently available solutions in the market [and] give a superior and intuitive experience to the end user”. The top three winners can win prizes of over INR 2 million ($29,190) along with a ‘potential engagement opportunity’ with ICICI Bank. The bank says winners will also be given a chance to be mentored by the programme partners (including IBM) and get a fast track entry into NASSCOM 10,000 Start-ups Program. NASSCOM is the National Association of Software and Services Companies – a trade association for the Indian Information technology and business process outsourcing industry. Additionally, ICICI says a three-month full-time membership for up to two members of the winning team will be provided across 91springboard hubs in India. These hubs are collaborative and flexible coworking spaces in India. The deadline for registration is 1 March 2016 and more information can be found here: iciciappathon.com Names of the shortlisted candidates will be revealed on 4 March, and they will be given access to the APIs hosted on the IBM Bluemix platform on 5 March. ICICI wants participants to create at least one working prototype using the virtual banking and financial services APIs. These will need to be submitted by 27 March. Finalists will be announced on 7 April and will be invited to ICICI Bank’s headquarters in Mumbai to compete in the ‘Grand Finale’ in April.

ICICI Bank India launches Twitter banking 

Written byFinTech Futures

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20th January 2015

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ICICI Bank allows its customers to send funds via Twitter to any user in India India’s ICICI Bank has launched a new banking service for Twitter, ICICIbankpay, that allows customers to transfer money to anyone in the country who has a Twitter account. Customers can also check their account balance, view the last three transactions and recharge prepaid mobile. The service follows the bank’s earlier moves into social media, which included launching a Facebook banking app in September 2013, and is aimed partly at broadening access to financial services. Estimates on the number of Twitter users in India vary from 82 million users to about 33 million active users. By comparison, the country has 243 million internet users, according to figures provided by the World Bank. The recipient of ICICI funds sent via Twitter can receive money even if they don’t have an ICICI Bank savings account. “With the growing prominence of social media in every-day life, we believe our customers would be delighted to have yet another avenue which allows them to bank while they are on social media,” said Rajiv Sabharwal, exeucitve director at ICICI Bank. “Now, ‘icicibankpay’ will help our customers to execute banking transactions while they are socialising on Twitter. This innovation is in line with our philosophy

of ‘khayaal aapka’ wherein we offer products and services which make banking easier and more convenient for our customers.“ The bank already had a similar service on Facebook, which consists of an app that lets customers pay their friends and share expenses between groups of people on Facebook. That product, Pockets by ICICI Bank, is a development of the ‘Your Bank’ Facebook app that the bank introduced in 2012, which allowed customers to view their savings account details and statements while on Facebook, as well as order cheque books and upgrade their debit card. In 2013, ICICI launched a mobile payments service built by Movida, the Indian joint venture between Visa and mobile money specialist firm Monitise, that was intended to draw on the potential to reach unbanked customers in the country. Founded in 1994 by Indian financial institution ICICI, ICICI Bank operates 3,377 branches and 10,943 ATMs across India and claims to be the country’s largest private sector bank. Based in the Indian city of Hyderabad, the bank has subsidiaries in the UK, Russia and Canada and also operates branches in the US, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai.

ICICI Bank releases Facebook banking app 

Written byFinTech Futures

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24th September 2013

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Customers in India can now bank via Facebook India’s ICICI Bank has launched a new app that lets customers pay their friends and share expenses between groups of people on Facebook. The Pockets by ICICI Bank app is a development of the ‘Your Bank’ Facebook app that the bank introduced last year, which allowed customers to view their savings account details and statements while on Facebook, as well as order cheque books and upgrade their debit card. New features include Split ‘n’ share’, in which the customer splits and tracks group expenses and shares them with friends, the self-explanatory Pay a friend feature – which works without having to know the recipient’s bank account details – and a recharge prepaid mobile feature. There is also a Book movie tickets feature, which can be used to organise a cinema visit with a group of Facebook friends. “This innovation is in line with our philosophy of Khayal Aapka wherein we offer products and services which make banking easier and more convenient for our customers,” said Chanda Kochhar, chief executive at ICICI Bank. “Pockets by ICICI Bank will enable the young consumers, who spend a lot of time on Facebook, to carry out a wide set of transactions without having to leave the social media site.” Facebook has 82 million users in India, of which 40% are under 30, according to ICICI Bank figures. Customers can access the ICICI Bank app by logging into Facebook, then going to the ICICI Bank official Facebook page and clicking on the tab for Pockets by ICICI Bank. The customer then registers, enters their debit card number and PIN, and selects a new four digit PIN which can be used for all subsequent logins. For security, the app uses 128 bit encryption to protect customer information. For each transaction, there is a unique one time password that is sent to the customer’s mobile number to verify the transaction. Founded in 1994 by Indian financial institution ICICI, ICICI Bank operates 3,377 branches and 10,943 ATMs across India and claims to be the country’s largest private sector bank. Based in the Indian city of Hyderabad, the bank has subsidiaries in the UK, Russia and Canada and also operates branches in the US, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai.

In July, the bank announced plans to launch a mobile payments servicebuilt by Movida, the Indian joint venture between Visa and mobile money specialist firm Monitise, that will draw on the potential to reach unbanked customers in the country. India is well-known as a market with potential for mobile payments, based on the presence of a significant unbanked population that has access to a mobile phone. The population of India is 1.2 billion according to figures provided by the World Bank, while the Bank of India estimates that 41% of the overall population is unbanked, rising to 61% in rural areas.

India’s ICICI takes aim at Indian mobile payments 

Written byFinTech Futures

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22nd July 2013

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India’s ICICI Bank is using mobile services to target unbanked customers India’s ICICI Bank is to launch a mobile payments service built by Movida, the Indian joint venture between Visa and mobile money specialist firm Monitise, that will draw on the potential to reach unbanked customers in the country. Founded in 1994 by Indian financial institution ICICI, ICICI Bank operates 3,377 branches and 10,943 ATMs across India and claims to be the country’s largest private sector bank. Based in the Indian city of Hyderabad, the bank has subsidiaries in the UK, Russia and Canada and also operates branches in the US, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai. Earlier this year, ICICI teamed up with mobile operator Aircel to launch a mobile service that offers cash deposits and withdrawals, money transfer to third parties and utility bill payments. The service used Visa’s hosted platform. The new mobile payments service built by Movida will enable ICICI Bank payment card holders to pay bills, recharge pre-paid airtime and buy cinema tickets from the mobile phone. Users can access Movida either through a menu or through interactive voice response in multiple languages. Security comes in the form of a PIN number. ICICI Bank designed the service to work with any payment card, including Visa and non-Visa cards. “Mobile payments users spend significantly less time and energy paying their bills, recharging their phones or those of family or friends, or waiting in line to buy tickets to the next blockbuster, because they are able to do it on the go and around the clock,” said Naushad Contractor, president of Movida and head of the Visa-Monitise joint venture in India. “The mobile payment services which will succeed in India are simple, interoperable solutions that solve a real consumer need and can apply to any handset, without the need for a technology upgrade or a new purchase.” India is well-known as a market with potential for mobile payments, based on the presence of a significant unbanked population that has access to a mobile phone. The population of India is 1.2 billion

according to figures provided by the World Bank, while the Bank of India estimates that 41% of the overall population is unbanked, rising to 61% in rural areas. Although mobile banking is not new in the country – it began in 2002 with SMS banking – the arrival of the M-Pesa brand in April 2013 helped to highlight the potential international providers see in the service. Mobile phones had achieved a 69.2% market penetration in India by June 2013, a figure equivalent to 882 million handsets, according to statistics provided by WCIS World Cellular Information Service. That figure represents a decline from the 73% and 937 million handsets recorded in June 2012 – a decline caused by a recent government decision to cancel a number of 2G licences issued some years earlier due to alleged corruption. Nevertheless, India’s trajectory remains upward since December. “ICICI Bank customers can now use their basic mobile phones, to make payments like telecom recharge and utility bills in a convenient and secure manner,” said Uttam Nayak, group country manager for India & South Asia at Visa. “Movida also aligns to the national vision of making India a cashless society. Movida’s services combine the strength and robustness of existing infrastructure with the latest mobile payment technology to provide simple, secure services for everyone.”

10 unique initiative lanched by icici bank

1. Mera iMobile:

ICICI Bank launched a unique mobile banking app for rural customers that allow them to access banking services as well as information on agri services. Anyone including non-ICICI Bank customers can also download and use the app which is available in eleven Indian languages.

Christened, ‘Mera iMobile’, it allows users in rural areas to avail as many as 135 services -- some of which are unprecedented in the industry -- on their mobile phone, helping them to save the time and cost of visiting a branch to avail these services.

Additionally, it is the first banking app to offer agriculture-related information like crop-wise mandi prices of nearly 230 crop varieties across 460 mandis. It also displays taluka-wise weather updates, aiding farmers to plan their sowing and harvesting activities conveniently and in an informed manner.

2. DigiLocker

ICICI Bank announced the integration of its retail internet banking platform with ‘DigiLocker’, an initiative of the Ministry of Electronics & Information Technology (MeitY), Government of India. ‘DigiLocker’ is an online repository platform for issuance, verification and storage of digital certificates and documents on the cloud.

3. ICICI Group dedicates 100 ‘ICICI Digital Villages’ to the nation

ICICI Group dedicated 100 ‘ICICI Digital Villages’ to the nation marking the bank’s efforts to partner the nation’s progress by empowering rural India.

The inauguration of the digital villages follows the bank’s commitment to transform 100 villages into ‘ICICI Digital Villages’ in as many days. The programme involves end to end digitization of transactions and other commercial activities, providing vocational training to villagers, extending credit facility and helping the villagers to access markets and earn a sustainable livelihood.

4. Instant Personal Loans through ATMs

This service enables existing salaried customers of the bank to get pre-qualified personal loans in their savings account instantly, in a completely digital and paperless manner.

The facility improves customer experience as it offers a bouquet of unique features: swift application in simple steps, multiple eligible loan amount options up to Rs.15 lakh based on pre-checked CIBIL scores and instant transfer of the money to the customer’s account.

5. Instant Credit Card

This first-of-its-kind offering in the Indian banking industry enables the savings to account customers of the Bank to get a credit card instantly, in a completely digital and paperless manner.

This new offering enables a few lakhs of pre-qualified customers to instantly get the credit card number and other important details online, using which, he/she can immediately start shopping online, without having to wait for the physical card to arrive.

Available round-the-clock and on all days, a customer can get a credit card instantly with a credit limit of upto Rs four lakh based on pre-checked bureau scores.

6. ‘Cashback’ Home Loans

ICICI Bank announced the launch of a new home loan, which offers borrowers the benefit of 1% cashback on every EMI, for the entire tenure of the loan. A unique offering in the industry, it is available for home loans with a minimum tenure of 15 years.

This new home loan empowers borrowers to select their preferred mode of cashback. They can choose to utilize the cashback to prepay the principal outstanding of their home loan or take credit in their ICICI Bank account. Both residents, as well as NRI borrowers, are eligible to apply for the cash back home loan.

7. ICICI Bank commits Rs. 10 crores to the Indian Armed Forces

ICICI Bank committed a financial assistance of Rs. 10 crores to the Indian Armed Forces. The contribution, payable in two equal tranches this year and next year, will be utilised towards welfare activities and betterment of the families of exservicemen who have lost their lives guarding the nation. Ms. Chanda Kochhar, MD & CEO, ICICI Bank handed over a cheque worth Rs. 5 crore to the Honourable Minister of Defence Smt. Nirmala Sitharaman at a function in the Raksha Mantralaya.

8. ICICI Bank launches voice-based international remittance service on its Money2India application

ICICI Bank announced the launch of India’s first voice-based international remittance service to enable non-resident Indians (NRIs) to send money to any bank in India. With this new feature in the ICICI Bank’s Money2India app, an NRI customer can instantly initiate a remittance to his/her existing payees in India with

just a simple voice command to Apple’s virtual voice assistant, Siri, on his/her Apple iPhone / iPad. A first-of-its-kind cross-border remittance service by a bank in the country, it improves customer’s convenience significantly as it replaces a five-step process, which was required to initiate a remittance to India earlier.

9. Paytm and ICICI Bank tie-up to offer short-term instant digital credit

Paytm, India’s largest payments platform has partnered with ICICI Bank, the country’s largest private sector bank by consolidated assets, to jointly launch ‘Paytm-ICICI Bank Postpaid’, the most seamless way to access interest-free shortterm digital credit. This new offering will enable millions of Paytm customers to get access to instant credit for the first time for everyday use-cases ranging from movies to bill payments to flights to physical goods.

Based on the credit-score of the customer, the bank offers up to 45 days interestfree credit limit. It ranges from Rs 3,000 to Rs 10,000, extendable up to Rs 20,000 based on the repayment history. Paytm-ICICI Bank Postpaid will also offer a quick checkout to customers with the Paytm Passcode.

10. ICICI Bank offers the country’s first instant Public Provident Fund (PPF) account facility

ICICI Bank launched a digital service that enables customers to open a Public Provident Fund (PPF) account instantly and in a completely online and paperless manner. With this new facility, customers of the bank are no longer required to visit a branch and submit physical documents to open a PPF account. They can now conveniently open a PPF account anytime, anywhere using the bank’s digital channels of the internet and mobile banking.