ICICI Bank announced that it has launched India’s first 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. 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.
Anyone can avail of the benefits of ICICI Bank’s digital solutions by simply downloading the new version of the InstaBIZ app, a super app for businesses, from Google Play Store or Apple App Store, or at the Bank’s Corporate Internet Banking (CIB) platform. 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.
The most important in the list of these services is sanction of instant and paperless overdraft facility up to Rs. 25 lakh. Named ‘InstaOD Plus’, the industry-first proposition enables customers of any bank to avail of an overdraft instantly through a few clicks either on the new version of InstaBIZ or CIB.