ICICI offers instant overdraft of Rs. 15 lac to MSMEs registered at GEM Sahay

New Delhi, 25 Oct (KNN) ICICI Bank has announced launch of instant overdraft facility for MSMEs registered on the GEM Sahay application through API integration with the OCEN network.

Its instant overdraft 'InstaOD' facility for MSME (Micro, Small and Medium Enterprises) offers a complete online and paperless manner. Customers can get overdraft facility up to INR 15 lakh for a year anytime, anywhere using the bank's Internet and mobile banking app.

It is also focusing holistically on the merchant ecosystem, both directly and through partnerships.

The Super Merchant current account which offers various benefits such as digital account opening and instant overdraft facilities based on point-of-sale transactions has received good response from customers.

It has aslo partnered with Amazon India to offer instant overdraft to sellers, including non-ICICI Bank customers, on its portal.

The Bank mentioned aspects of their business banking and SME franchise and how they continue to grow on the back of digital offerings and platforms like InstaBIZ. InstaBIZ offers various services such as instant overdraft facility, payment of Goods and Services Tax (GST), foreign exchange deal booking, business loans based on revenues reported in GST returns, automatic bank reconciliations and inward and outward remittances.