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ICICI bank facilitates MSMEs with its InstaBiz app

Updated: Jul 18, 2019 06:00:47am
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ICICI bank facilitates MSMEs with its InstaBiz app

New Delhi, July 18 (KNN) The private sector lender ICICI Bank has announced the launch of ‘InstaBIZ’, a new digital platform for micro, small and medium enterprises (MSMEs) and self-employed customers.

ICICI Bank has come ahead to facilitate MSMEs to undertake their business banking transactions digitally and instantly. InstaBIZ offers 115 products and services online through mobile and internet banking channel.

Giving further information, the bank mentioned, “Borrowers can instantly apply for a Point-of-Sale (PoS) machine. MSMEs, can download the application which is not customers of the bank can also download the app and use services like instant sanction of an overdraft facility up to Rs 10 lakh. It is a simple process just by uploading their bank statements and KYC details. They can also apply for a current account and customise its account number, which is displayed instantly”.

This application provides MSMEs an overall view of cash availability, paid bills, sales and invoices collected. It enables them a convenient and timely business decision 24 hours and throughout the week," the bank added.

It has enabled them to use the ‘auto reconciliation’ feature which is powered by Zoho. This will help MSMEs to raise invoices, make payments and collections from the platform with ease of instant reconciliation.

“It is the first kind of digital platform for businesses that enables them to avail a range of services completely digitally, including instant overdraft facility (up to Rs. 15 lakh).

It includes business loans, fund payments via different digital modes, easy bulk collection, business loans and automatic bank reconciliation”, ICICI bank said.

It facilitates for all transactions of export and import like inward and outward settlements among others. It allows for instant payment of GST using the challan number in a single click payment, the bank stated.

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