Bathinda, June 25 (KNN) The challenges being faced by Micro, Small and Medium Enterprises (MSMEs) include financing, reconciliation and the need for guidance at every stage of their life cycle, said Vishal Batra, Retail Business Head – North Zone, ICICI Bank.

He was speaking at a conclave for MSMEs in Bathinda organized by ICICI Bank to discuss the role of digital banking to make business more convenient to the segment.

Speaking on the occasion, he said “ICICI Bank continues to be a catalyst in accelerating the growth of MSMEs and believe technology will play an important role in developing this sector. The MSME sector is the backbone of our economy and plays a crucial role in providing large-scale employment and industrialization of rural and backward areas.”

The conclave was a part of the Bank’s initiative across the country to reach out to MSME companies. The conclave saw a participation of promoters and Chief Financial Officers (CFOs) of over 150 companies from various industries based in the city.   

The biggest challenges faced by MSMEs include financing, reconciliation and the need for guidance at every stage of their life cycle. Keeping this in mind, we have strategically designed digital banking products offering innovative solutions in order to help MSMEs do business with ease and scale up operations, said Batra.

The MSME Conclave at Bathinda showcases our digital banking products that cater to the varied business needs of MSME customers, he added.

The conclave witnessed an engaging panel discussion with experts from industry associations, leading industrialists of the city along with senior officials of ICICI Bank.

The topics covered in the panel discussion included emerging opportunities and challenges faced by MSMEs, outlook on international market & its impact on India, future course of forex market and the need for digital banking platforms for the MSME segment.

The Bank has a gamut of digital banking services like 24X7 available cash acceptance machines and cash management solutions that were discussed in detail at the event. ICICI Bank has 264 branches and 427 ATMs in Punjab. It has 6 branches and 12 ATMs in Bathinda which creates largest branch network of among private sector banks in the city.

To facilitate MSMEs, the bank has introduced key tailor-made products and services. The Bank has introduced ‘Trade Online’, a compelling digital banking platform that enables large, medium and small sized corporates as well as MSMEs to undertake almost all of their export-import transactions online, eliminating physical documentation.

It brings in significant convenience to customers as they are no longer required to visit a bank branch to initiate a trade transaction. They can now do so from anywhere, anytime in a secure manner.

In addition, the Bank has recently introduced a slew of innovative services such as instant overdraft facility of up to Rs. 15 lakhs as well as business loans based on GST returns for its MSME customers. These propositions have been specifically designed to enable MSMEs fulfill their working capital requirements.

ICICI Bank has partnered with several ERP service providers with a view to bring in the concept of ‘Connected Banking’ for MSMEs. The Bank introduced ‘Eazypay’, the country’s first mobile app for merchants, professionals and traders that enables them to accept payments through multiple digital modes.