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ICICI BANK UK PLC

Company number: 04663024

Reporting period:
1 April 2018 to 30 September 2018


Warning This information is as reported by the business, and responses are in their own words.

This report was filed on 2 November 2018

and approved by Loknath Mishra

Payment statistics

Average time taken to pay invoices: 26 days

Invoices paid:

Invoices due but not paid within agreed terms: 41 %

Payment terms

Shortest standard payment period

1 days

Longest standard payment period

60 days

Standard payment terms

Standard payment terms are 30 days however we work with our suppliers to reach payment terms that work for both them and us.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

In first instance disputes to be taken up with the Bank's business contact stated on the PO or the user group. For general payment queries e-mail to be sent to accountspayableuk@icicibank.com
Suppliers are asked to place their issue in writing to their business contact point. Business contact and Accounts Payable work with the supplier to resolve payment issue/dispute in accordance with internal investigation and escalation procedures.

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