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ICICI Bank to buy equity stakes in fintech startups

ICICI BankLtd. plans to buy equity stakes in fintech startups as part ofefforts to utilize the latest technology in its operations, The Hindu Business Line reported Sept. 28,citing Abonty Banerjee, senior general manager and head of digital channels atthe lender.

The bank will only invest in startups that will reach thefinal stages of a three-month fintech accelerator program being run byStartupbootcamp, a global group of industry-focused startup accelerators. Theprogram will begin in early 2017.

The program is backed by ICICI Bank, , RBL BankLtd., AZB & Partners and PricewaterhouseCoopers.