- With this, ICICI Bank became the first bank to launch real estate-specific STACK in order to provide ease to the companies involved in the real-estate sector.
- STACK is a combination of digital and physical solutions that enables various stakeholders of the real estate sectors viz. Real Estate Investment Trusts (REITs), builders, etc. to undertake banking transactions efficiently.
- It will offer multiple banking solutions such as:
- Digital Opening of Bank Accounts
- Instant Generation of A/C No. for RERA registration
- Inventory Funding
- Construction Financing
- Lease Rental Discounting
- These accounts will be equipped with one-view access to all accounts through a single login on the bank’s Corporate Internet Banking (CIB) platform.
- ICICI Bank Ltd is a financial services company that was established in 1994 with its headquarters in Mumbai. The current MD & CEO of the bank is Sandeep Bakhshi.
Question:
Q.1 Which of the following became the first bank to launch STACK for companies in the real estate sector?a. ICICI Bank
b. HDFC Bank
c. Canara Bank
d. BOI
