BUSINESS BANKING IN AN INSTANT

With a focus on small entrepreneurs, ICICI Bank has extended its instant banking platform InstaBiz to micro, small and medium enterprises (MSMEs), marrying digital innovation with data-led processes. The aim is to solve some of the problems that MSMEs face – mainly absence of adequate and timely banking finance and limited capital.

InstaBiz allows MSMEs and entrepreneurs to under-take business-banking transactions digitally, doing away with the need for branch visits. The platform provides access to instant overdraft facility even to non-customers of the bank; instant tax payments; and inward remittances. In all, it offers about 115 services, under five broad categories