Comments
ICICI Bank on Monday announced that it has partnered with Amazon India to offer overdraft (OD) facility upto ₹25 lakh to individual sellers and small businesses registered on the e-commerce marketplace amazon.in.
“Driven by API integration, the partnership enables sellers to avail an OD from the Bank in a process — from application to sanction to disbursement — that is entirely digital. Even customers of other banks can avail the OD facility from ICICI Bank, if they are registered as sellers with amazon.in,” it said in a statement.
ICICI Bank launches digital banking solutions for corporates
Leveraging advanced data analytics, ICICI Bank has developed this new facility that functions on the back of a scorecard to instantly evaluate credit worthiness of sellers based on their financial profile, including Credit Bureau scores, it further said.
New expansion avenues
“This new and improved process will help the sellers, who may otherwise not get access to adequate credit when assessed in the traditional way of using only balance sheets, bank statements and tax returns. We believe that this new proposition resonates with our effort in developing path-breaking innovations for MSME customers and will empower them with new avenues of business expansion,” said Pankaj Gadgil, Head-Self-Employed Segment, SME & Merchant Ecosystem, ICICI Bank.
‘Amazon expects 85% new customers from tier-2 cities’
Vikas Bansal, Director-Amazon Pay India, said, “Our mission is to enable easy and trusted access to credit for sellers with transparent policies and at low costs. Our partnership with ICICI Bank will provide sellers across India with an OD facility instantly and digitally at affordable rates to meet all their current and future requirements.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.