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ICICI Bank launches new digital solutions for MSMEs

Under the bank’s updated InstaBiz app, MSMEs will have access to instant sanctions of OD, fully digital and instant CA opening through video KYC and a set of value-added services.

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MSME customers of other banks can avail of the services by logging in as a ‘guest’ in the new version of InstaBiz.

ICICI Bank on Thursday launched a comprehensive set of purely digital solutions for customers in the micro, small and medium enterprises (MSME) segment, targeted at ICICI’s own clients as well as those of other banks.

Under the bank’s updated InstaBiz app, MSMEs will have access to instant sanctions of overdraft (OD), fully digital and instant current account (CA) opening through video KYC and a set of value-added services on a single platform.

Anup Bagchi, executive director, ICICI Bank, said that at a time of increased volatility, MSMEs are often found lacking the resources to deal with the mix of changes affecting them. “Largely, all the resources that a large corporate has to run their business, as a bank we wanted to offer all those resources to small businesses so that they have the same power and information as a large corporate,” Bagchi said.

ICICI Bank’s business banking book grew 43% year-on-year (y-o-y) to Rs 53,437 crore and its SME book grew 33.6% to Rs 40,450 crore as of March 31, 2022. The two categories accounted for nearly 11% of the bank’s total loan book at the end of the March quarter. The InstaBiz app has over 10 lakh (1 million) MSME customers, Bagchi said.

MSME customers of other banks can avail of the services by logging in as a ‘guest’ in the new version of InstaBiz. Customers of any bank can avail a paperless overdraft of up to Rs 25 lakh instantly. While ICICI’s own customers can activate the OD instantly, customers of other banks can do so after opening a CA with ICICI Bank digitally through video KYC.

To provide value-added services the bank has tied up with seven partners – Airtel for connectivity and business communications, India Filings for business compliances and registrations, IndiaMart for listing of business, ClearTax for tax filing and advisory, Zoho Books for accounting solutions, Global Linker for business networking and digital store management, and Sherlock.ai for digital marketing and data analytics.

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