ICICI Bank launches digital solutions for exporters

By Leandra Monteiro

ICICI Bank announced the launch of digital solutions for exporters, a comprehensive set of banking and value-added services on a single platform.

The suite of solutions digitises the entire export life-cycle from the discovery of export markets, export finance, foreign exchange services to receipt of export incentives for MSMEs and large MNCs. The initiative aims to simplify the journey of exporters by decongesting the current time-intensive manual procedures, thereby significantly improving their operational efficiency.

The set of solutions also offers facilities such as instant disbursal of Export Packing Credit (Insta EPC) and Trade APIs. Insta EPC provides export finance instantly, while Trade APIs enable smooth handling of export transactions directly from exporters’ ERP systems, thereby providing greater convenience.

Speaking about the initiative, Sumit Sanghai, Head- Large Clients Group, ICICI Bank, said, “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.”

Some of the key services and offerings of digital solutions for exporters are:

• Insta EPC
• Trade accounts
• Paperless exports solutions
• Foreign exchange solution
• Digital Letter of Credit facility
• Electronic Bills of Lading
• Trade APIs