ICICI Bank launches open-for-all digital ecosystem for MSMEs; check details

ICICI Bank today announced that it has launched a comprehensive digital ecosystem for all Micro, Small and Medium Enterprises (MSMEs) in the country, including customers of other banks. The ecosystem has three pillars: i) enhanced banking services for existing customers, ii) a bouquet of banking services to MSMEs, who are customers of other banks, iii) a whole range of value-added services for all.

How to avail services?

Anyone can avail of the benefits of ICICI Bank’s digital solutions by simply downloading the new version of the InstaBIZ app from Google Play Store or Apple App Store, or at the Bank’s Corporate Internet Banking (CIB) platform, the company stated.

What services are offered?

MSMEs, who are customers of other banks, can avail of services from ICICI Bank’s digital ecosystem by logging in as a ‘Guest’ in the new version of InstaBIZ. ‘InstaOD Plus’ enables customers of any bank to avail of an overdraft instantly through a few clicks either on the new version of InstaBIZ or CIB.

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.

Another important facility being offered is instant opening of a current account digitally. The end-to-end paperless process leverages the Bank’s advanced APIs that auto fill the account opening form and validate PAN/ Aadhaar number instantly and allows opening of account through Video KYC.

Anup Bagchi, Executive Director, ICICI Bank said, “We at ICICI Bank always believe that the MSME segment forms the backbone of the Indian economy. It has been our philosophy to enhance ‘ease of doing business’ for MSMEs and become partners in their growth."
 

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