ICICI Bank, a private lender, has introduced a number of digital technologies to shorten the export lifecycle.
These solutions, created exclusively for exporters, include everything from choosing the best export markets to receiving export incentives to using export financing and foreign currency services.
According to a statement from the bank, the launch is justified by the need to simplify numerous manual processes and compliances for exporters and increase their operational effectiveness.
The products include amenities like fast export financing and a current account to keep foreign cash.
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The package also includes a platform for the digital filing of invoices and documents to speed up transaction turnaround times, a current account designed specifically for export and import-related transactions like One Globe Trade Account (OGTA), a foreign exchange solution that allows exporters to book forex deals over the phone or online, an Electronic Bill of Lading (e-BL) that enables end-to-end digital movement of trade documents around the globe, and more.
“The set of tools enables big, medium, and growing enterprises to perform their export transactions online, anywhere and anytime,” said Sumit Sanghai, Head, of Large Clients Group, ICICI Bank. We are sure that this project will result in unparalleled efficiency across the export lifecycle across sectors and serve as a driver for the expansion of those companies’ businesses.
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“Exports have played a significant role in India’s progress throughout the years. In comparison to the previous year, India’s total exports increased by 36% to over $670 billion in FY 2022. By 2030, it’s anticipated to reach $2 trillion,” he continued.