ICICI Bank announced on Thursday that it has launched a digital service for micro, small and medium-sized enterprises (MSMEs), which customers of other banks can also use.
The “digital ecosystem” offers advanced banking services, banking services for MSMEs that are customers of other banks and a range of value-added services for everyone.
“We at ICICI Bank always believe that the MSME segment is the backbone of the Indian economy. It has been our philosophy to make it easier for MSMEs to ‘do business’ and become partners in their growth,” said Anup Bagchi, Executive Director, ICICI Bank.
“We believe that the benefits of our products and services should not only be limited to our customers, but those who do banking with others should also have the opportunity to experience them,” he said.
According to the bank, anyone can take advantage of digital solutions by downloading the new version of the InstaBIZ app.
MSMEs that are customers of other banks can access a wide range of services by registering as a “guest” in the app. One of the services offered is the approval of an instant and paperless overdraft facility up to Rs 25,000 through “InstaOD Plus”, which allows customers of any bank to avail an overdraft instantly. ICICI Bank customers can activate the overdraft on their checking account instantly, while customers of other banks can do so digitally via Video KYC after opening a checking account with the bank.
The bank has also teamed up with various partners to eliminate the need for MSMEs to coordinate with multiple experts to meet their diverse needs. These partners include India Filings, IndiaMART, Airtel, ClearTax, Zoho Books, Global Linker, Sherlock.ai and others.
In addition, merchants, retailers and professionals such as doctors and lawyers etc. can use InstaBIZ to accept payments via UPI and cards instantly.
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