1. Blog
  2. >
  3. News
  4. >
  5. ICICI Bank Designs Digital...

ICICI Bank Designs Digital Space For Growth Of MSMEs

ICICI Bank Launch for MSMEs

In the era of the booming MSME sector in the country, ICICI Bank has initiated a brilliant step towards the growth of six crore MSMEs. The reputed bank has started a digital ecosystem that consists of participants of not only the ICICI bank, but other banks as well.

The initiative has been set up to develop the Micro, Small and Medium Enterprises (MSMEs) in India. The ecosystem is formed with three key components. These are:

  • Providing improved and easy banking and credit services to the existing users of the bank.
  • Giving necessary banking services quickly to MSMEs, irrespective of whether they are customers of other banks or the same bank.
  • Offering secure and timely useful and valuable services to users from different sections of society.

The bank has attempted to revolutionize banking services by introducing digital solutions for customers. Any person can benefit from this initiative. The only thing they have to do is install the latest version of their app, InstaBIZ, from the appropriate app store.

Free Power Kit

At the launch of this ecosystem, the Executive Director of ICICI Bank (Mr. Anup Bagchi) expressed his happiness and stated that the bank is ever-ready to help MSMEs flourish in the country. He further showed that this initiative would give the bank to be a partner in the immense growth of the sector.

Adding to it, Bagchi mentioned the future of MSMEs and their association with the technology. The bank is constantly innovating and creating digital solutions to develop MSMEs. The objective of this ecosystem is to provide unified services to customers from all the banks. It does not want to limit the growth of MSMEs to only the existing users of the bank.

The process of linking a customer with the InstaBIZ app is simple. The new users from different banks have to sign up to the portal as guests. After logging in, they can avail various impressive services.

Learn more about – Private Banks, Their Functions & differences With Public Banks

One of these services is the easy approval of overdraft. The bank provides a simple, quick, and paperless overdraft facility with an upper limit of INR 25 Lakh. The overdraft is provided through the feature called ‘InstaOD’. However, users of other banks will have to set up the OD in this feature through a video KYC which is otherwise not required for ICICI Bank customers.

Apart from this feature, there are many other advantages to MSMEs. Now, a person can open a current account in the bank without any paperwork. It facilitates the easy and quick setup of accounts. The bank system automatically fills the account form and links the Aadhaar or PAN card through technological means.

The bank has also smoothened the MSMEs work by providing the existing as well as non-existing customers of the bank with various unique and attractive services. The bank has partnered with well-known organizations or companies like Airtel, Zoho Books, IndiaMART, etc., to eliminate intermediaries for the MSMEs setup process.

Watch – You’ll respect MSMEs like never before | Goosebumps Guaranteed

Both existing and non-existing customers of the ICICI bank can access the old digital feature of the bank, Trade Emerge. Through this platform, people can easily perform trade transactions, fetch letters of credit, etc.

With regards to online payments, the app provides an instant and uninterrupted platform for UPI and card transactions. Professionals like doctors and lawyers can now get various benefits from this app.

Lastly, this app aids customers or users in paying GST on time. Instant UPI payments, QR code scanning, etc., assists them in paying various taxes conveniently. The app also provides timely reminders or deadlines for payments or receipts. This process is done based on customer profiles. For example, a business owner will get a reminder to pay GST or repay loans.

Learn more about – Everything About Government Banks In India – Explore The List Of Government Banks

Related Read About

We are a team of serial entrepreneurs, corporate professionals and business experts, at MSMEx.in

Succeed Online With Highly Effective Business Tips and Tricks

Do you want to scale your business even further than it is today? You are at the right place.

We provide Premium Online Learning for Small to Mid-Sized Businesses.

We are MSMEx, an experienced MSME edtech company with highly qualified staff to help companies grow in their industry and attract more visitors online. Whether you are struggling to gain a competitive edge online or are working on bringing your business online, we are here to assist you.

Learn powerful tips and tricks, customized especially for your business to suit its specific needs. All you need is to create a website to get started. We will help you and your employees learn everything about the internet and how things work to bring your business to the limelight.

How MSMEx Sessions Benefit Businesses?

The sessions of MSMEx are beneficial for businesses of all kinds and scales. We help them leverage the power of the world of the internet and also solve all their queries and doubts. You get expert help, if you are ever stuck with the scalability of your business.

You may be doing great online, but it's always better to learn more about things better. Learning experiences provided by us are enjoyable and beneficial at the same time. Grow your business and soar high without limits.

MSMEx will help you connect with your audience, understand their pain points, and earn more revenue than ever you have expected.

If something is working for your competitor, it doesn't need to work for you as well. You very well know that every business is different, and so are its needs. Hence, we work closely with our clients to know and understand their processes and custom-make solutions that work out for them.

Why Learn From MSMEx Experts?

The lessons we provide to businesses are curated to match their needs, preferences, and operations. With years of experience in creating industry experts, we take pride in the services offered. Learning is a never-ending process, and with the world of the internet evolving each passing day, there is an ocean full of things you need to learn.

Discover what you can do for your business by spending half of what you are doing now. Several companies have opted for the sessions provided by our experts, and they have unlocked more significant benefits that were beyond their imagination.

We teach several aspects of business operations and how a business can do a lot more than what it is doing today. We will help you craft the roadmap of your business' success.

Why is MSMEx Different?

We conduct live sessions for businesses to understand the course content in depth. We also allow them to connect with the lecturers in case of doubts. The pillars of our company conduct interactive sessions to give valuable insights.

We also have e-books for business leaders to unlock the full potential of the world of the internet.

Learn from a team of serial entrepreneurs, business experts, and corporate professionals who have made efforts in their journey to success. We teach business owners and other aspirants the tricks to be focused on growth to drive their business forward.