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ICICI Bank Launches STACK

Published on December 04, 2022
Current Context: ICICI Bank Ltd launched STACK for companies in the real estate sector to offer solutions to their banking requirements on a single platform.
ICICI Bank Launches STACK
  • 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:
  1. Digital Opening of Bank Accounts
  2. Instant Generation of A/C No. for RERA registration
  3. Inventory Funding
  4. Construction Financing
  5. 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
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