BackICICI Bank launches digital ecosystem for small businesses
ICICI Bank has launched a comprehensive digital ecosystem with open architecture by bundling banking services with value-added offerings to empower MSMEs
PremiumNEW DELHI: Private lender ICICI Bank on Thursday launched a digital ecosystem for micro, small and medium enterprises, including customers of other banks.
The bank said anyone can avail of the benefits of ICICI Bank’s digital solutions by downloading the new version of the InstaBIZ app, or on the bank’s corporate internet banking platform.
Anup Bagchi, executive director, ICICI Bank, said the bank has found out through research that MSMEs understand the benefits that technology brings in and are keen to adopt digital solutions to simplify their way of doing business.
“MSMEs also need a holistic platform which meets all their requirements. Further, we believe that the benefits of our products and services should not be restricted only to our customers; those who bank with others should also have the choice to experience them," said Bagchi.
Based on these insights, Bagchi said the bank has launched a comprehensive digital ecosystem with open architecture by bundling banking services with value-added offerings to empower MSMEs.
The lender said that MSMEs, who are customers of other banks, can avail of a host of services from the bank’s digital ecosystem by logging in as a guest in the new version of InstaBIZ.
“The most important in the list of these services is sanction of instant and paperless overdraft facility up to ₹25 lakh. Named InstaOD Plus, the proposition enables customers of any bank to avail of an overdraft instantly through a few clicks either on the new version of InstaBIZ or corporate internet banking," it said.
While existing customers of ICICI Bank can activate the overdraft into their current account instantly, customers of other banks can do so after opening of a current account with the bank digitally through video KYC.
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