ICICI Bank Unveils First-of-its-Kind Digital Export Solutions

Current Context: ICICI Bank Limited has introduced Digital Solutions For Exporters, a comprehensive set of banking and value-added services on a single platform, in a first-of-its-kind industry initiative.

• The program aims to increase exporters' operational effectiveness by clearing the backlog of time-consuming manual processes already in place.
• Every step of the export process, including market research, export financing, foreign exchange (forex) services, and earning export incentives, is digitalized by the set of solutions.
• The solution set also offers first-in-industry capabilities like Trade APIs (Application Programming Interface) and rapid disbursal of Export Packing Credits (Insta EPC).
• Services for Exporters:
• Insta EPC: Exporters that have a partnership with ICICI Bank can benefit from the simplicity of instant and digital Export Packing Credit (EPC). Trade Online, the ICICI Bank's premier digital platform, offers this solution for export-import transactions. Insta EPC provides quick credit disbursement compared to the industry norm of a few working days, which is minutes.
• Trade APIs: Trade APIs from ICICI Bank are an innovative, future-proof solution for smoothly handling export bills. Remittances, Letters of Credit, and Bank Guarantees are all examples of APIs.
• Trade accounts: The Trade Accounts solution offers currency accounts, including the Exchange Earners' Foreign Currency Account (EEFC). With the use of this current account, exporters can maintain their foreign currency profits in the account rather than changing them to local money.
• Foreign Exchange Solution: To obtain flexibility and transparency in booking rates, exporters can use digital platforms to book forex agreements over the phone or online.
• Digital Letter of Credit facility (e-LC): Exporters can use the digital letter of credit (e-LC) facility, a digital repository that makes letters of credit (LC) instantly available for the verification of trade terms.
• Electronic Bills of Lading (e-BL): To enable the end-to-end digital movement of trade papers globally, ICICI Bank has partnered with important e-BL service providers.
• Value-Added Services: The one-stop ICICI Bank platform, "Trade Emerge", offers a fully digital suite of different banking and nonbanking services for businesses and can offer value-added services to exporters.
• ICICI Bank Limited:
• Managing Director (MD) & Chief Executive Officer (CEO) – Sandeep Bakhshi
• Headquarters – Mumbai, Maharashtra
• Establishment – 1994

Question: 

Q.1 Which bank has recently Unveiled a First-of-its-Kind Digital Export Solution?
a. HDFC Bank
b. SBI Bank
c. Yes Bank
d. ICICI Bank