ICICI
Bank launches ‘InstaBIZ’, India’s first most comprehensive digital platform for
MSMEs
· It
provides over 115 banking products and services for businesses in one single
place. Available as mobile application and web portal.
· Many
solutions are first-in-the industry, available instantly and require no branch
visit
· Any
MSME(account holder or not) can download the app to get instant online
overdraft facility upto Rs 15 lakh
· First
mobile application to enable instant payment of GST
Mumbai:
ICICI
Bank announces the launch of a new digital
platform curated specially for MSMEs and self-employed customers to enable them
to undertake their business banking transactions digitally and instantly.
Called, ‘InstaBIZ’, it allows users customers to avail as many as over 115
products and services in a digital and secure manner on their mobile phone or
internet banking platform. Many of the services are first-in-the-industry and
are available instantly. With this, MSMEs can now enjoy enhanced convenience
and productivity, as they can complete their banking transactions ‘on-the-go’,
without visiting a bank branch.
This
first-of-its-kind comprehensive digital platform for businesses enables them to
experience the convenience of a range of services completely
digitally---instant overdraft facility & business loans, swift and easy
bulk collection & payments of funds through multiple digital modes,
specialised solutions for initiating largely all of the export-import
transactions like remittances, letters of credit among others. Further, it is
the first digital banking platform to enable instant payment of GST from
the mobile app using the e-challan number of the tax payment. Additionally,
they can get instant marine insurance policy--an industry first
service---, raise service requests, enjoy the convenience of automatic bank
reconciliation and set up promotional campaigns to relevant ICICI Bank
customers to expand their business, all from within the digital platform
itself.
MSMEs,
who are not customers of the Bank, can also download ‘InstaBIZ’ and enjoy the
un-paralleled convenience of industry-first solutions. Prominent among them, they
can get instant sanction of an overdraft facility upto Rs 10 lakh simply by
uploading their bank statements and KYC details. They can also apply
for a current account and customise its account number, which is displayed
instantly.
With
the above array of digitisation, ‘InstaBIZ’ is the
most comprehensive and only digital banking platform in the country and among
few globally for self-employed segment and MSMEs, that provides a bouquet of
comprehensive solutions in ‘one single place’.
Speaking
about the initiative, Mr. Pankaj Gadgil, Head - Self
Employed Segment, ICICI Bank, said, “The MSME and self-employed
segment in India employs
the largest workforce and is the backbone of our economy. We
believe that ‘ease of doing business’ and ‘digitisation’ are key parameters for
the growth of the MSME businesses. To this endeavour, we have launched
‘InstaBIZ’, the country’s first digital platform for MSMEs available as a
mobile app and web portal.
A
result of long and extensive research into the digitisation requirements of
business transactions, we believe that ‘InstaBIZ’ is the most comprehensive
digital platform available among banks in the country today. With 115
services on ‘one single digital' platform, it allows MSMEs and entrepreneurs to
undertake almost all business-banking transactions digitally and on-the-go. It
brings in unprecedented convenience for them by eliminating branch visits for
transactions; providing access to instant ODs to pre-qualified customers;
instant tax-payments, inward remittances, initiating cross border bills, LCs
& bank guarantee among many others. We believe that this ‘all-in-one’
digital platform service will provide easy banking services to MSMEs, free up
their bandwidth from paper-intensive procedures and thus boost business growth
by improving overall productivity and efficiency.”
Below
are some of the key features of the ‘InstaBIZ’ digital platform:
· Convenient
solutions for non-current account holders : Any MSME, can download
the ‘InstaBIZ’ app and avail an array of services. For the
first-time-in-industry, they can get sanction for an overdraft facility upto Rs
10 lakh instantly, in contrast to a few days taken traditionally.` They simply
need to upload their 12 month bank statement provide KYC details. An algorithm
checks the credit –worthiness of the applicant in real-time along-with checks
with the bureau for instant sanction. Further, they can instantly apply for a
current account and customise an account number of their choice, which is
displayed instantly. The account is activated within a day post the
verification of documents by a bank official at the premises. They can also use
the app to raise invoice on a customer and collect funds using UPI.
· Easy
and swift collection of funds using multiple digital modes: For
the first time, MSMEs are enabled to collect funds from their customers both
business to business and business to customers(B2C) in a digital manner in one
place. In case of B2C, they can collect funds
from their customers either using a single invoice or multiple invoices through
multiple modes like, UPI, cards, internet banking, RTGS/NEFT. Additionally,
merchants can also order a Point-of Sale (PoS) terminal for their retail
outlet, from within the app itself, yet another industry-first feature. They
can also manage all service requests of the PoS from within the app. They can
also instantly sign up for cash pick-up through ‘Doorstep Banking’ at office
premises.
· Convenient
multiple digital payment modes: Businesses can instantly
activate the service of ‘bulk payment’ for making quick multiple vendor
payments / salaries from ‘InstaBIZ’. They can then transfer the funds using the
Corporate Internet Banking platform via a single file upload. They can also
transfer funds, pay utility bills via multiple modes like NEFT, RTGS, UPI,
cards as well as recharge prepaid mobile
and data card.
· Instant
Overdraft facilities and business loans: MSMEs, who are ICICI
Bank current account holders can get an overdraft upto Rs 15 lakh instantly on
the platform in just few simple clicks. This is in contrast with the few
working days it typically takes in the industry.
·
Instant
GST payment and file preparation: An industry-first facility, MSMEs can pay
their GST instantly using ‘InstaBIZ’ app by using the ‘challan number’ in a
single click payment. Further, by using the ‘auto-reconciliation’ function of
accounts on ‘Corporate Internet Banking’ platform, they can conveniently
generate the information required to be submitted for GST payments at the click
of a button.
· One
view dashboard and automatic reconciliation of bank account : The
app provides MSMEs with a complete overview of sales, cash available, bills
paid, invoices collected thus enabling convenient and timely business decisions
24x7. They can also use the ‘auto reconciliation’ feature, powered by Zoho. It
enables MSMEs to raise invoices, make payments and collections from the
platform itself and enjoy the efficiency of instant reconciliation.
· Digital
management of export-import transactions: Users can initiate and
execute digitally a large array of export-import transactions like issuance of letters
of credit(LC) and bank guarantee, export/import collection bills, disbursement
of export credit, payments against imports among others. Additionally, it
is the first digital banking platform to offer quick and convenient credit of
inward remittance within minutes to the ICICI Bank current account of the
recipient.
· Role
based access to multiple employees: ‘InstaBIZ’ allows MSMEs
to provide role-based user access to multiple employees alongwith financial
transaction limits, depending on the work requirements. This enables an entire
team of the business to conveniently and safely benefit from the digital
platform to carry out specific transactions.
· Invest
& Insure on : On the web portal of ‘InstaBIZ’, MSMEs,
as an entity, can swiftly invest in mutual funds, avail robo-advisory based
portfolio recommendation as well as instantly apply for Marine insurance policy
(an industry-first offering).
· Networking
and business campaigns: Businesses can spur their growth by using
the in-built networking platform. The online business networking platform,
specially curated for small and medium scale enterprises aims to connect
entrepreneurs with relevant business opportunities and is powered by
GlobalLinker. They can also set up promotions through ‘InstaBIZ’ platform
and send notifications to relevant ICICI Bank customers for their promotions.
Any
MSME can download ‘InstaBIZ’ application from Google Play Store. It will be
shortly be available on Apple App Store also. They can also access ‘InstaBIZ’
on internet banking by logging into ICICI Bank’s ‘Corporate Internet Banking’
platform.
About
ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a
leading private sector bank in India. The Bank’s consolidated total assets
stood at Rs. 1,238,794 crore at March 31, 2019. ICICI Bank's subsidiaries
include India's leading private sector insurance, asset management and
securities brokerage companies, and among the country’s largest private equity
firms. It is present across 15 countries, including India.
Certain
statements in this release relating to a future period of time (including inter
alia concerning our future business plans or growth prospects) are
forward-looking statements intended to qualify for the 'safe harbor' under
applicable securities laws including the US Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve a number of risks
and uncertainties that could cause actual results to differ materially from
those in such forward-looking statements. These risks and uncertainties
include, but are not limited to statutory and regulatory changes, international
economic and business conditions; political or economic instability in the
jurisdictions where we have operations, increase in non-performing loans,
unanticipated changes in interest rates, foreign exchange rates, equity prices
or other rates or prices, our growth and expansion in business, the adequacy of
our allowance for credit losses, the actual growth in demand for banking
products and services, investment income, cash flow projections, our exposure
to market risks, changes in India’s sovereign rating, as well as other risks
detailed in the reports filed by us with the United States Securities and
Exchange Commission. Any forward-looking statements contained herein are based
on assumptions that we believe to be reasonable as of the date of this release.
ICICI Bank undertakes no obligation to update forward-looking statements to
reflect events or circumstances after the date thereof. Additional risks that
could affect our future operating results are more fully described in our
filings with the United States Securities and Exchange Commission. These
filings are available at www.sec.gov
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