ICICI Bank has launched a new digital platform curated specially for MSMEs and self-employed customers to enable them to undertake their business banking transactions digitally and instantly. ‘InstaBIZ’, as the platform is named, allows customers to avail as many as 115 products and services in a digital and secure manner on their mobile phone or internet banking platform. Many of the services are first-in-the-industry and are available instantly. With this, MSMEs can now enjoy enhanced convenience and productivity, as they can complete their banking transactions ‘on-the-go’, without visiting a bank branch. The platform enables MSMEs to experience the convenience of a range of services completely digitally – instant overdraft facility (upto Rs 15 lakh) and business loans, easy bulk collection and payments of funds through multiple digital modes, automatic bank reconciliation and undertake largely all of the export-import transactions like inward and outward remittances among others. Further, it is the first digital banking platform to enable instant payment of GST using the challan number in a single click payment. Additionally, they can instantly apply for a PoS machine as well as instant marine insurance policy – both industry first services. MSMEs, who are not customers of the Bank, can also download ‘InstaBIZ’ and use it. Pankaj Gadgil, head – Self Employed Segment, ICICI Bank, said ‘ease of doing business’ and ‘digitization’ are key parameters for the growth of the MSME businesses and the bank has launched ‘InstaBIZ’ for entrepreneurs as a mobile app and web portal.
