ICICI Bank unveils digital ecosystem for MSMEs

Anyone can avail of the benefits of the bank’s digital solutions by downloading the new version of the InstaBIZ app

April 28, 2022 02:11 pm | Updated 02:11 pm IST - Mumbai

File photo for representation

File photo for representation | Photo Credit: Reuters

ICICI Bank said it has introduced a comprehensive digital ecosystem for all Micro, Small and Medium Enterprises (MSMEs) in the country, including customers of other banks to provide enhanced banking services for existing customers, a bouquet of banking services to MSMEs, who are customers of other banks and a range of value-added services for all. 

“The ecosystem, which offers an array of industry-first solutions, brings forth a significant shift from the existing industry practice where banks offer services only to their customers,” ICICI Bank said.

Anyone can avail of the benefits of the bank’s digital solutions by downloading the new version of the InstaBIZ app, a super app for businesses.

Anup Bagchi, Executive Director, ICICI Bank said, “We have found out from our research that MSMEs understand the benefits that technology brings in. They are keen to adopt digital solutions to simplify their way of doing business so that they can focus more on growth. MSMEs also need a holistic platform which meets all their requirements.”

“Based on these insights, we have launched a comprehensive digital ecosystem with open architecture by bundling banking services with value-added offerings to empower MSMEs, estimated to be around six crore. We believe that these solutions for MSMEs will improve efficiency and boost their business,” he said.

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. 

Under this service one can have a sanction of instant and paperless overdraft facility up to ₹25 lakh.

Customers of ICICI Bank can activate the OD into their current account instantly while customers of other banks can do so after opening of a current account with the Bank digitally through Video KYC, the bank said.

Another facility being offered is instant opening of a current account digitally. 

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