Empowering MSMEs with News & Insights

ICICI Bank makes its InstaBIZ app for MSMEs, allows merchants to link account of any bank

Updated: Feb 09, 2022 11:10:22am
image

ICICI Bank makes its InstaBIZ app for MSMEs, allows merchants to link account of any bank

New Delhi, Feb 9 (KNN) Private lender ICICI Bank today said it has made the MSME-focused digital banking app InstaBIZ interoperable to enable merchants to link their accounts with other banks to the platform. 

Owners of grocery shops, supermarkets, restaurants, stationery stores and pharmacies and professionals like doctors and lawyers can create their UPI ID and QR code on the app to accept payments from customers. 

The bank said merchants can also digitally apply for a Point of Sale (POS) device and a voice messaging device that confirms the receipt of the payments. 

“A large part of this (MSME) segment consists of retail merchants. It is our endeavor to support merchants around two crores across the country by offering them solutions that make their business easy,” said Anup Bagchi, Executive Director, ICICI Bank in a statement.

The interoperability is backed by the online Know Your Customer (KYC) process as merchants do not need to visit a branch nor upload any document, the bank said. The initiative leverages ICICI Bank’s APIs that digitally validate permanent account number or Aadhaar number which is required for verification of KYC.

Bagchi said “We believe that this new and unique digital offering resonates with merchants across the country, as it frees up their bandwidth to a large extent, which they can devote to grow their main business”.

InstaBIZ offers MSMEs overdraft facility of up to Rs 15 lakh, bulk collection and payments of funds through digital modes, automatic bank reconciliation and also undertake largely all of the export-import transactions like inward and outward remittances among others.

ICICI Bank had reported growth of its SME loan portfolio by 34.2 per cent year-on-year (YoY) to Rs 36,353 crore and 9.7 per cent quarter-on-quarter (QoQ) in its Q3 results in January. 

The growth came on the back of InstaBIZ and other digital efforts by the bank such as Merchant Stack, Trade Online and e-signing of disbursement documents through EasySign. The average ticket size of the business loan by the bank was around Rs 1-1.5 crore. (KNN Bureau)

COMMENTS

    Be first to give your comments.

LEAVE A REPLY

Required fields are marked *