The new software based product enables business to take care of their daily banking needs from anywhere through internet, telephone and self-service machines. India is the third country where the bank has launched this product after testing success in the UK and Northern Ireland.
Speaking at a press conference, HSBC CEO and country head for India, Naina Lal Kidwai, said "We are constrained by limited branch network in India. But technology is helping us to be right there with customers".
She said till a few years ago, the bank was not engaged in the SME business. But, now the bank is a significant player in the SME sector and the new product is targetted at SMEs.
The bank treats any company with less than Rs.50 crore turnover as an SME customer while anyone with less than Rs.4 crore turnover falls under the category of micro-SME.
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Naina Lal Kidwai, however, observed that, "No business is too small for us". Bank managing director Puneet Chaddha, said he is expecting ,"lots of customers who will sign up for this product". It is an integrated offering and no other bank offers this type of product, he added.
There is a new generation of business customers who are technologically savvy and the new product is designed for them, he added.