Mumbai, Mar 13 (KNN) In a latest development, ICICI Bank, announced the launch of an instant overdraft facility for Micro, Small and Medium Enterprises (MSMEs) in a completely online and paperless manner.

A press release from the bank informed of the new facility.

“Christened ‘InstaOD’, this first-of-its-kind offering in the Indian banking industry enables a few lakhs of pre-qualified current account customers of the bank to instantly avail of the facility without visiting a branch and submitting physical documents”, the release said.

Commenting over the new product, Anup Bagchi, Executive Director, ICICI Bank said under the new facility the MSMEs can get an overdraft facility up to Rs. 15 lakh for a year using the bank’s internet and mobile banking app.

The application procedure incorporates an additional level of authentication in order to make the security of the process robust.  ICICI Bank will also offer a facility of instant online sanction of overdraft facility to MSME customers of other banks shortly.

“With the Indian economy on the upswing, this convenient overdraft facility will enable the MSME companies to expand their business with ease”, he said

The overdraft is renewable on an annual basis, depending on the repayment track records of the overdraft facility.   (KNN/DA)