ICICI Bank launches digital platform for MSMEs, self-employed

The platform called InstaBIZ offers over 115 products and services online through the mobile and internet banking channel.

Private sector lender ICICI Bank on Wednesday announced the launch of a new digital platform targeted at micro, small and medium enterprises (MSMEs) and self- employed customers to enable them to undertake their business banking transactions digitally and instantly.

The platform called InstaBIZ offers over 115 products and services online through the mobile and internet banking channel.

“This first-of-its-kind comprehensive digital platform for businesses enables them to experience the convenience of a range of services completely digitally, including instant overdraft facility (upto  15 lakh) and business loans, easy bulk collection and payments of funds through multiple digital modes, automatic bank reconciliation and undertake largely all of the export-import transactions like inward and outward remittances among others,” ICICI Bank said in a statement, adding that it also enables instant payment of GST using the challan number in a single click payment.

Additionally, they can instantly apply for a Point-of-Sale (PoS) machine as well as instant marine insurance policy—both industry first services, it further said.

Significantly, MSMEs, which are not customers of the bank can also download the app and use many of the services including instant sanction of an overdraft facility upto  10 lakh simply by uploading their bank statements and KYC details. “They can also apply for a current account and customise its account number, which is displayed instantly,” the bank said.

The app provides MSMEs with a complete overview of sales, cash available, bills paid, invoices collected, thus enabling convenient and timely business decisions 24×7. They can also use the ‘auto reconciliation’ feature, powered by Zoho. It enables MSMEs to raise invoices, make payments and collections from the platform itself and enjoy the efficiency of instant reconciliation.

[“source=thehindubusinessline”]