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ICICI Bank, Paytm tie up to offer instant credit

ICICI Bank and payments bank Paytm are joining hands in a scheme under which the bank will offer short-term instant credit to its existing customers who want to make purchases worth up to Rs 20,000 through Paytm. The bank said credit will be  interest-free for the first 45 days, after which if the money is not repaid, the customer will have to pay Rs 50 towards delayed payment fee and 3% interest. Anup Bagchi, ED of the bank, said there is no cap on velocity but only on the outstanding amount under the Paytm-ICICI Bank postpaid card. He added that in case of a default, the bank will take the hit and Paytm will not be affected. The bank may at a later date extend the scheme to non-ICICI Bank customers and other large merchants as well. Bagchi described the offer as a ‘real-time credit assessment on the fly’. The Paytm-ICICI Bank postpaid is a digital credit account with instant activation as it comes with no documentation or branch visit while activation is fully online and is based on a new big data based algorithm developed by the bank.

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