On 1st December 2022, ICICI Bank Limited launched a STACK for companies in the real estate sector to offer solutions to their banking requirements on one platform.
- ICICI Bank is the first bank in the industry to offer real estate specific STACK to provide unparalleled convenience to the companies in the real estate sector.
i.The STACK is a combination of digital and physical solutions that enables participants of the real estate sector including builders, Real Estate Investment Trusts (REITs) and Alternate Investment Funds (AIFs) to undertake banking transactions efficiently.
- This is an extension of the ‘ICICI STACK for Corporates’ which was launched in 2021 to provide a customised set of banking solutions for corporates and their entire ecosystem.
ii.This offers banking solutions including digital opening of bank accounts, instant generation of account number for Real Estate Regulatory Authority (RERA) registration, construction finance, inventory funding, and lease rental discounting to cater to their financial needs, depending on the life cycle stage of a project.
- In addition, it also supports in managing their payment obligations to vendors, employees, utility providers and statutory payments efficiently
iThese accounts are equipped with a convenient one-view access to all accounts with a single login on the Bank’s Corporate Internet Banking (CIB) platform.
ii.It offers various options of loans to the builders throughout their project lifecycle including construction finance, inventory funding and Lease Rental Discounting (LRD) facility.
- In addition, the Bank also provides facilities such as overdraft (OD), letter of credit and bank guarantee to enhance financial and operational efficiencies.
About ICICI Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Establishment – 1994