Money & Banking

ICICI Bank to offer instant OD to sellers registered on amazon.in

Our Bureau Mumbai | Updated on September 27, 2021

The facility leverages advanced data analytics

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.”

Published on September 27, 2021

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