Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Youtstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

ICICI Bank launches digital banking platform ‘InstaBIZ’ for MSMEs

InstaBIZ 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.

ICICI Bank launches digital banking platform ‘InstaBIZ’ for MSMEs

Wednesday July 17, 2019 , 2 min Read

ICICI Bank

ICICI Bank on Wednesday announced the launch of a new digital platform ‘InstaBIZ’ curated for MSMEs and self-employed customers to enable them to undertake their business banking transactions digitally and instantly. 

 

InstaBIZ 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. This comprehensive digital platform for businesses enables firms to experience the convenience of digital experience of a range of services like instant overdraft facility (upto Rs 15 lakh), business loans, easy bulk collection and payments of funds through multiple digital modes, automatic bank reconciliation, and allows one to undertake all the export-import transactions like inward and outward remittances, among others. 

 

A statement from the bank said it also enables instant payment of GST using the challan number in a single click payment. Additionally, the businesses can instantly apply for a Point-of-Sale (PoS) machine as well as instant marine insurance policy—both industry first services.

 

Further, MSMEs that are not customers of the bank can also download ‘InstaBIZ’ and get instant sanction of an overdraft facility upto Rs 10 lakh simply by uploading their bank statements and KYC details. They can also apply for a current account and customise its account number, which is displayed instantly.

 

On the initiative, 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 end, we have launched ‘InstaBIZ’, the country’s first digital platform for entrepreneurs available as a mobile app and web portal.

   

Any MSME can download ‘InstaBIZ’ application from Google Play Store. It will shortly be available on Apple App Store also. The MSMEs can also access ‘InstaBIZ’ on internet banking by logging into ICICI Bank’s ‘Corporate Internet Banking’ platform.

 

Recently, ICICI bank also launched a dedicated MSME centre in Bengaluru to provide exclusive business solutions to MSMEs. 

 

The centre offers MSMEs a host of services including working capital loans of upto Rs 20 crore, business loans (based on GST returns) of upto Rs 1 crore, instant overdraft facility of upto Rs 15 lakh, extensive trade solutions, and cash management services, among others.