ICICI Bank launches new digital platform for MSMEs

India's second-largest lender ICICI Bank has launched a new digital platform for micro, small and medium enterprises (MSMEs) and self-employed customers to enable them to undertake their business banking transactions digitally.

Called, 'InstaBIZ', it allows customers to avail as many as over 115 products and services in a digital and secure manner on their mobile phone or internet banking platform.

It will enable them to get an instant overdraft facility (up to Rs 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 such as inward and outward remittances and enable instant payment of GST using the challan number in a single click payment.

MSMEs, which are not customers of the bank, can also download 'InstaBIZ. They can also apply for a current account and customise its account number, which is displayed instantly.

"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, said Pankaj Gadgil, head - self employed segment, ICICI Bank.