Why Is ICICI Bank Share Price Surging Today?

ICICI Bank shares were up on Friday after the private sector bank announced an array of digital solutions for capital market participants and clients of custody services.

What Happened? The bank has launched fresh solutions to offer onboarding and convenience to all participants of the Indian capital market which has seen significant growth in the last few years.

Per a press release issued by the bank, 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 (AIF) to meet all their banking requirements.

ICICI Bank’s new ‘3-in-1' account enables the clients of stock brokers to “digitally open online trading, demat and savings account in few hours from anywhere across the country.”

"The facility empowers stock brokers to integrate their trading and depository systems with the bank through API, providing them with the advantage of real-time information on the availability of investor funds," ICICI bank said.

Read next: Yes Bank Shares Plunge For 2nd Straight Day As Report Says SBI May Trim Stake

The bank has also enabled providers of PMS services to digitally open savings accounts and demat accounts in a single working day, significantly reducing onboarding and activation time.

Sumit Sanghai who heads the bank’s Large Clients Group sector said, "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."

Price Action: ICICI Bank shares were trading 1.74% higher at ₹868.80 when markets closed on Friday.

Read next: Why Edelweiss Financial Services’ Shares Are Crashing On Open Today

Loading...
Loading...
Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: capital marketcustody servicesICICI Bankportfolio investment