GOV.UK
ICICI BANK UK PLC
Company number: 04663024
Reporting period:
1 October 2021
to 31 March 2022
This report was filed on 29 April 2022
and approved by Loknath Mishra
Payment statistics
Average time taken to pay invoices: 19 days
Invoices paid:
- within 30 days: 86%
- in 31 to 60 days: 9%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 16 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
60 days
Standard payment terms
After receipt of complete invoices , necessary supporting documents, if required and complete supply of services/goods against which invoices are raised standard payment terms is 30 days
Were there any changes to the standard payment terms in the reporting period?
Yes – Standard payment terms changed to 30 days from 14 days.
Were suppliers notified or consulted about these changes before they were made?
Yes – We have notified the suppliers through respective users assigned to those suppliers who had availed service or purchased goods from their respective suppliers
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
The disputed invoices, if any, are raised by respective supplier to the respective user availing services/purchasing goods. For general payment related queries email is sent to accountspayableuk@icicibank.com keeping banks business contact in loop. We don't have any identified disputed issues related to invoices.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No