Money & Banking

ICICI Bank rolls out digital platform InstaBIZ for MSMEs

Surabhi Mumbai | Updated on July 17, 2019 Published on July 17, 2019

The platform called InstaBIZ offers over 115 products and services online through the mobile and internet banking channel.

Betting big on micro, small and medium enterprises (MSMEs) and self-employed customers, private sector lender ICICI Bank on Wednesday announced the launch of a new digital platform that would allow these segments to undertake their business banking transactions digitally and instantly.

Going digital

The platform called InstaBIZ offers over 115 products and services online through the mobile and internet banking channel, including instant overdraft facility of up to ₹15 lakh, business loans, easy bulk collection and payment of funds through multiple digital modes, automatic bank reconciliation and also undertake all  export-import transactions.

Pankaj Gadgil, Head-Self Employed Segment, ICICI Bank, said the current book size for MSMEs and self-employed persons in the country is about ₹25-lakh crore.

Book size

“In the last 4-5 years, the book size of the market is growing,” he told BusinessLine, adding that demonetisation and GST have helped in formalisation of the sector.

“It is the first digital banking platform to enable instant payment of GST using the challan number in a single click payment. Additionally, they can instantly apply for a Point-of-Sale machine as well as instant marine insurance policy,” ICICI Bank said in a statement.

Published on July 17, 2019
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