ICICI Bank rolls out digital solutions for custody clients

Indian multinational bank seeks to “significant decongest” manual processes for institutional clients.

By Chris Lemmon
ICICI Bank has launched a range of digital solutions for clients of custody services and participants in the capital market.

The solutions enable various participants in the sector, including stock brokers, portfolio management service (PMS) providers, foreign portfolio investors (FPIs), foreign direct investors (FDIs), and alternative investment funds (AIFs) to meet their banking requirements.

For PMS providers, the bank has also rolled out digital account opening, shortening the process from up to 10 days to a single day.

A self-service portal has also been launched for the clients of custody services, including PMS, AIF and foreign institutional investors (FIIs), providing 24/7 access to custody holdings, transactions and reports. In addition, the ‘E-Protector’ application is a digital dashboard for real-time monitoring of margin utilisation, margin per script and authorisation of trades for clients availing derivative clearing services.

New fund accounting software will manage all asset classes including regulatory reporting apart from web-based access to AIF and its investors.

Sumit Sanghai, head of large clients group at ICICI Bank, said: “The Indian capital market has witnessed significant growth over the last few years which can be gauged from the increase in number of demat accounts, rise in AUM of the mutual fund industry and surge in capital flows into the country.

“The digital set of solutions launched by the bank will help the participants of the capital market and custody services meet regulatory requirements, significantly decongest manual processes, thereby improving their operational efficiency and scalability in business.”