ICICI Bank on Thursday launched a comprehensive set of purely digital solutions for customers in the micro, small and medium-sized enterprises (MSME) segment, targeting ICICI’s own customers as well as those of other banks.
As part of the bank’s updated InstaBiz app, MSMEs will have access to instant overdraft (OD) penalties, fully digital and instant current account (CA) opening via video KYC and a set of value-added services on a single platform.
Anup Bagchi, Executive Director, ICICI Bank, said that in times of heightened volatility, MSMEs often lack the resources to cope with the mix of changes affecting them. “Basically all the resources that a big business has to run their business, as a bank we wanted to offer all of those resources to small businesses so they had the same power and information as a big business,” Bagchi said.
ICICI Bank’s corporate banking portfolio grew by 43% year-on-year (year-on-year) to Rs 53,437 crore and its SME portfolio grew by 33.6% to reach Rs 40,450 crore as of March 31, 2022. The two categories accounted for nearly 11% of the bank’s total. loan book at the end of the March quarter. The InstaBiz app has more than 10 lakh (1 million) MSME customers, Bagchi said.
MSME customers from other banks can avail the services by logging in as a “guest” in the new version of InstaBiz. Customers of any bank can instantly avail a paperless overdraft of up to Rs 25 lakh. While ICICI’s own customers can activate OD instantly, customers of other banks can do so after opening a CA with ICICI Bank digitally via KYC video.
To provide value-added services, the bank has partnered with seven partners: Airtel for corporate connectivity and communications, India Filings for compliance and business registration, IndiaMart for business listing, ClearTax for tax reporting and consulting, Zoho Books for accounting solutions, Global Linker for business networking and digital store management, and Sherlock.ai for digital marketing and data analytics.