Page 17 - Banking Finance September 2023

PRESS RELEASE

ICICI Bank inaugurates 200th branch in Kerala

ICICI Bank has set up a branch in Ernakulam, the 200th of the Bank in Kerala. Based at Companypady, Aluva, the branch
is equipped with an ATM-cum-Cash Recycler Machine (CRM) that offers cash deposit and withdrawal services to customers.
Interestingly, ICICI Bank had set up its first branch in the state in Ernakulam.
Mr. Rakesh Jha, Executive Director, ICICI Bank inaugurated the branch. Speaking at the inauguration,Mr. Jha said, "We
are delighted to launch the branch at the onset of the festive season. Setting up the 200th branch is an important milestone
for the Bank as it further strengthens our commitment to serving the people of Kerala. This branch offers a wide range
of products and services to the people of the city and aims to contribute to their growth and prosperity. Further, we are
dedicated to promote financial inclusion in Kerala with having 70% of our branches located in semi-urban and rural areas
in the state.”
The branch offers a comprehensive range of accounts, including savings and current accounts, trade and forex services,
fixed and recurring deposits, loans- business loan, home loan, personal loan, auto loan, and gold loan – along with
remittance and card services. The branch also offers banking services to NRI customers. It further provides locker facility
at its premises. It operates from 9:30 A.M. to 3:00 P.M. on Monday to Friday, and on the first, third, and fifth Saturdays
of the month.
The branch provides Tab banking facility for nearly 100 services including opening of Fixed Deposit (FD), cheque book
request, generation of e-statements and change of address among others, to customers. The branch also provides door-
step banking services for senior citizens, differently abled, and visually impaired individuals, with no charges incurred.
The list of the services include financial services like cash pick-up/deposit, cash delivery for withdrawals and non-financial
services like KYC submission, life certificate, etc.
The Bank has a network of 6,074 branches and 16,731 ATMs and Cash Recycling Machines (CRMs) spread across the
country as on June 30, 2023.

Exim Bank Launches its subsidiary at GIFT City

India Exim Finserve IFSC Private Limited (Exim Finserve), the subsidiary of the Export-Import Bank of India (Exim Bank), at
the Gujarat International Financial Tec City (GIFT City), was inaugurated by Dr. Vivek Joshi, Secretary, Department of Financial
Services (DFS), Ministry of Finance, Government of India, on 8th August 2023.
Exim Finserve will extend a comprehensive range of trade finance products to Indian exporters, with a primary focus on
export factoring. The factoring services by Exim Finserve will provide a combination of three essential services to exporters:
receivables financing, coverage of the risk of non-payment and management of accounts receivable. This would lead to
improved cash flow and reduced payment risk for exporters, enabling them to confidently explore new markets and seize
growth opportunities. The factoring services would be particularly beneficial for MSME exporters as it is primarily based on
the quality of accounts receivable, rather than collateral.
Speaking at the launch event of Exim Finserve, Dr. Vivek Joshi, Secretary, DFS, noted that the subsidiary of Exim Bank,
which was announced in the Union Budget 2023 by the Hon’ble Finance Minister, Ms. Nirmala Sitharaman, is another link
in the mosaic of efforts being taken by the Government of India to improve access to finance for MSMEs. He mentioned
that the launch of Exim Finserve is extremely timely and most suitable given the need of the hour, especially for MSMEs,
and expressed confidence in the ability of Exim Finserve to effectively leverage the cohesive and eased framework for factoring
services, to meet the requirements of MSME exporters.
During the ribbon-cutting ceremony at Exim Finserve’s office, Shri Tapan Ray, Managing Director & Group CEO, GIFT
City, noted that Exim Finserve would further bolster GIFT City’s position as a financial and technological hub.
The inauguration event was attended by more than 120 participants, including heads of banks/financial institutions, senior
bankers and exporters, among others.

BANKING FINANCE | SEPTEMBER | 2023 | 17