India’s second largest bank, ICICI Bank, has announced the launch of a digital platform aimed at micro, small and medium enterprises (MSMEs) and self-employed customers. The platform is designed to enable them to undertake business banking transactions digitally and instantly. Named InstaBIZ, it provides customers access to over 115 digital products and services via a mobile phone or internet banking platform.
The digital platform enables businesses to access a range of services digitally. Services include an instant overdraft facility (up to Rs1.5m) and business loans, easy bulk collection and payments of funds through multiple digital modes, and automatic bank reconciliation. The digital banking platform also enables instant payment of the Goods and Services Tax (GST) using the Challan Identification Number (CIN) in one click.
MSMEs that are not customers of the bank can also download the platform, where they can get approval for an overdraft facility of up to Rs1m by uploading bank statements and KYC details.