ICICI BankICICI Bank has announced the launch of an MSME & self-employed customers focused digital platform ‘InstaBIZ’ with an aim to allow consumers to leverage ICICI’s products and services on their phone or banking platform. It is expected to facilitate convenience and productivity for the MSMEs as the need to visit a bank branch.

Mr. Pankaj Gadgil, Head – Self Employed Segment, ICICI Bank, said, “The MSME and self-employed segment in India employs the largest workforce and is the backbone of our economy. We believe that ‘ease of doing business’ and ‘digitisation’ are key parameters for the growth of the MSME businesses. To this endeavour, we have launched ‘InstaBIZ’, the country’s first digital platform for entrepreneurs available as a mobile app and web portal.”

According to the bank, the digital platform is expected to assist businesses by enabling digital features such as instant overdraft facility, business loans, bulk collection, digital payments of funds, automatic bank reconciliation as well as export-import transactions. It also includes instant payment of GST, the simplified application process for marine insurance policy as well as for a Point-of-Sale (PoS) machine.

“A result of long and extensive research into the digitisation requirements of business transactions, we believe that ‘InstaBIZ’ is the most comprehensive digital platform available among banks in the country today. With 115 services on ‘one single digital’ platform, it allows MSMEs and entrepreneurs to undertake almost all business-banking transactions digitally and on-the-go. It brings in unprecedented convenience for them by eliminating branch visits for transactions; providing access to instant OD even to non-customers of the Bank; instant tax-payments, inward remittances among many others. We believe that this ‘all-in-one’ digital platform service will provide easy banking services to MSMEs, free up their bandwidth from paper-intensive procedures and thus boost their business growth by improving overall productivity and efficiency,” he continued.

ICICI has stated that features of the new digital banking platform include a one-view dashboard, automatic reconciliation of a bank account, role-based access to multiple employees and networking and business campaigns. MSMEs, who are non-ICICI-customers can avail instant sanction of an overdraft facility by uploading their bank statements and KYC details.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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