ICICI Bank launches India's 'open-for-all' digital ecosystem for MSMEs

ICICI Bank said on Thursday it has launched a digital service for Micro, Small and Medium Enterprises (MSMEs) that customers of other banks can use as well.

The "digital ecosystem" offers enhanced banking services, banking services to MSMEs who are customers of other banks, and a range of value-added services for all.

“We at ICICI Bank always believe that the MSME segment forms the backbone of the Indian economy. It has been our philosophy to enhance ‘ease of doing business’ for MSMEs and become partners in their growth," said Anup Bagchi, Executive Director, ICICI Bank. 

"We believe that the benefits of our products and services should not be restricted only to our customers, those who bank with others should also have the choice to experience them," he said.

According to a statement by the bank, anyone can avail of the benefits of digital solutions by downloading the new version of the InstaBIZ app.

MSMEs, who are customers of other banks, can avail of a host of services by logging in as a ‘Guest’ in the app. One of the services it provides is sanction of instant and paperless overdraft facility up to Rs 25 lakh through ‘InstaOD Plus’, which enables customers of any bank to avail of an overdraft instantly. Customers of ICICI Bank can activate the overdraft into their current account instantly while customers of other banks can do so after opening of a current account with the bank digitally through Video KYC.

The bank has also tied up with various partners to eliminate the need of MSMEs to coordinate with multiple experts to fulfill their varied requirement. These partners include India Filings, IndiaMART, Airtel, ClearTax, Zoho Books, Global Linker, Sherlock.ai, et al.

Additionally through InstaBIZ, merchants, retailers and professionals like doctors and lawyers etc can instantly accept payments through UPI and cards.