Module: 8 - ICICI Bank - Corporate Internet Bankingg
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The service can be accessed by a Corporate after submitting a duly filled in application form. In case the corporate desires to effect fund transfers through CIB, the form needs to be accompanied by a Board Resolution. The form is available at all the ICICI Bank branches.

Account Information: The complete database that ICICI Bank has about your company is available at your terminal. You can access online all your relationship with the Bank, like account details, deposits, etc. You view the current balance and the day’s transaction in your account at any of the ICICI Bank location. You can also download the account statement as an Excel or text file.

The database provides you:

• Current balance in your account on real-time basis

• Day’s transactions in the account

• Details of cash credit limit, drawing power, amount utilised, etc

Downloading of account statements as an Excel or text file. The statements can be integrated with your ERP system for auto-reconciliation

Banking at your convenienc: You can access the account at any time and from any place. The facility enables you to effect online fund transfers from your account to any party’s account in ICICI Bank.

Customise the product: The product takes care of requirements based on your needs. It can be set in such a way that based on the user profile, only certain screens are accessible. Similarly, the product also allows setting the signatory profile for your company.

A registered user will have to enter his Corporate Id, Used Id and password for accessing the facility. He can view all the accounts across all ICICI Bank locations online and as well effect fund transfers on real time basis within the Bank network. The fund transfers are stored in your database at ICICI Bank and are available to you to integrate with your MIS.

To avail the facility the corporate customer need to submit the duly filled CIB application form. The form is available at all the ICICI Bank branches. He may also contact corporatecare@icicibank.com for the application form. The application form needs to be signed by authorised signatories of the company who have the power to operate the account with the Bank. The application form can be directly mailed to : ICICI Bank Ltd., Cops, 1st Floor, 414, Empire Building, Senapati Bapat Marg, Mumbai 400 013. Board resolution is needed only if you need to effect fund transfers through CIB.

ICICI Bank e-business offers you a simple, convenient and secure way to manage your banking activities without leaving your desk using Corporate Internet Banking. Different Products & Services offered by the Bank under Corporate Internet Banking (CIB) are as under:

A suite of services spanning the entire transactional needs of corporates

A range of treasury products from plain vanilla to complex solutions.

This group is dedicated to assist clients to enable them to undertake proactive investment management.

A focused group catering to the banking needs of the investment community associated with the stock market

An efficient management of securities, providing up-to-date transaction information and cross-border investment.

A complete range of correspondent banking services for banks and financial institutions in the international arena.

An important sector in the Indian economy addressed by ICICI Bank.

A range of opportunities for large, mid-cap and emerging corporates through our integrated banking products

• Daily Market Report

• Market Pulse

• Commodities Daily

• Market Strategy

CIC can manage their Supply-Chain network, effectively by using Corporate Internet Banking online fund transfer mechanism of the Bank. They can effect fund transfer on a real time basis across the bank locations. The product facilitates:

• One-to-one fund transfer between two linked accounts. In one-to-one fund transfer the accounts are linked and the user selects the debit and credit account, enter the amount and narration for fund transfer and effects the same

• Bulk fund transfers. In bulk fund transfers, you upload a flat file containing payment/collection information. The format of the text file can be pre-defined and the main contents of the file are account no., amount, currency code and narration for the payment/collection. This is useful for effecting multiple payments/collections at a single click. The Bank’s systems take care of processing the entire file and once the file is processed you can integrate the processed file to your ERP for auto reconciliation.

• The real life situation of user-wise limits and multilevel signatories can be mapped in the net-based fund transfer module too. You can specify user-wise cap for funds transfer and the number of approvals needed for each fund transfer. The fund transfer will not take place unless the required number of signatories has approved it

• With a Power of Attorney from your dealers, you can link the dealers’ accounts to your account in order to have an online fund transfer, saving you time and money involved with cheque collection systems. Alternatively, the dealer can credit your account through this channel. Similarly, you could also effect vendor and other payments online.

The corporate customer can specify a corporate level limits, user level limit and account level limit. A fund transfer cap can be specified for each of the debit accounts in terms of amount and you can also specify a limit on the amount of fund transfer that can be effected by your authorised users. This is similar to cheque signing powers in the physical world. Further, you can also specify limits in terms of number of transactions in a day/week/month.

The system supports multi-level approvals. The corporate customer can specify the number of approvals needed for effecting a transaction. The transaction will not take place unless it has been approved by the required number of authorised signatories

The corporate customer can effect fund transfers to accounts at non-ICICI Bank’s located at Ahmedabad, Bangalore, Chennai, Calcutta, Delhi, Hyderabad, Mumbai and Nagpur. The inter bank fund transfers are routed through the RBI-EFT mechanism and the credit is effected normally by the third working day. However fund transfers outside India cannot be effected under CIB.

Corporate Internet Banking allows the client to make following requests online

• Registration for account statements by email either daily/weekly/fortnightly/monthly basis

• Stop payment of cheque

• Cheque book replenishment

• Demand Draft/Payorder

• Opening of fixed deposit account

• Opening of Letter of credit

No compromise has been done on the security front. All care has been taken that hacking is not possible at the site. Precautions in terms of firewalls, data encryption, digital certification are used so that no malicious or unauthenticated person is able to access your account. Additional features such as digital signatures, etc can also be set up. Other features include a safe password that only you will know, and even the Bank employees will not have access to your password. There will be no memory caches allowed on the navigator so that after you logout another person will not be able to access by pressing the “Back” button on the navigator. Also there is a time out for the screens. If the screen is not used for 5 minutes, it automatically logs you out from the site.

The company does not have to spend anything extra to avail this facility. All it requires is Internet connectivity. The product enables the company to pro-actively manage its cash flows, ease reconciliation efforts as all the MIS is available at the click of the mouse.

You can download the account statements either as a text file or as an excel file. The Bank can help the customer in integrating the account statements and bulk payment files with your ERP system. The Bank charges a nominal fee depending upon the nature of work involved.

Presently in India, there is no real time online electronic connectivity between the various Banks. This puts in a small constraint in terms of the banking relationship to the constituents of the supply chain. Hence, it becomes important that the supplier, you and the dealer have account at ICICI Bank. Only then the efficiency of the system can be used to the fullest.

The dealer can credit the proceeds to the company's account from his login. In case the dealer finds it difficult to do this, he can give a mandate to the company for debiting the amount to his account. Similarly, the company can also credit the Vendors.

This can be arranged only by the customer calling at the branch of ICICI Bank. As India does not have a proper legal framework regarding transactions through the Internet, we will have to fallback on the Indian Contract Act. This is to safeguard both, the company and the Bank. The channel partners will have to accept the offer from ICICI Bank and also enter into relevant agreements. If overdraft facility is to the dealer, the dealer can either operate the account on his own or can give a Power of Attorney or Letter of Mandate to the company for operating the Overdraft account. In the latter situation the dealer will have to also give a Mandate Letter/Indemnity to the Bank for linking the Overdraft a/c with that of the Company's account.

With connection to the Internet, the CIC can login to Corporate Internet Banking with their Corporate Id, User ID and Password via the following:

1. At www.icicibank.com, under Corporate Finance, click on "Click here for Corporate Internet Banking Login", or

2. Go directly to http://ebusiness.icicibank.com/imarkets/login/cib/login.asp to login. You can bookmark this URL by adding this to your browser favourites.