ICICI Bank Launches New App for MSME Customers

The app gives MSMEs and self-employed users access to around 115 financial products and services, many of which previously required branch visits, such as applying for overdraft facilities.

ICICI Bank Launches New App for MSME Customers

India's largest private sector bank has launched a new business banking app. The new digital platform is aimed at micro, small, and medium sized enterprises with the vision of making transactions simpler for small operators. 

The app, called InstaBIZ, gives MSMEs and self-employed users access to around 115 financial products and services and can also be accessed through the traditional online platform. Many of the services previously required branch visits but can now be done online, such as applying for overdraft facilities.

Other innovative facilities include online remittance payments to support import - export companies, immediate payment of GST through the platform, and requesting a Point of Sale machine. The system is also opening ICICI facilities to non customers who can apply for credit by uploading their current bank statements and KYC information. 

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."

ICICI Bank has been a player in the Indian financial sector since 1994. It currently has consolidated assets of US$179billion as reported in March 2019, a 10% year on year growth and made a core operating profit of US$879million in the same results.