Posts

Featured Post

Debit Card for LAS customers by ICICI Bank

Image
  Card can be used across domestic online portals & for physical POS transactions Shortly after RBI permitted banks to issue Debit Cards to customers availing an overdraft facility which is of the nature of a personal loan with no specific end-use restriction, ICICI Bank has become the first bank in India to introduce a Debit Card facility for customers availing the Loan Against Securities (LAS) facilities from the Bank. This card is available on the Visa platform. The Debit Card can be used by the customers for making seamless payments across all domestic merchant establishments on physical POS machines and for all domestic online transactions like payments on e-commerce portals among others, using their sanctioned loan amount. Until now withdrawing funds from LAS accounts across banks, for purchases from merchant establishments and online platforms, was a tedious task for customers who had to transfer the amount from the loan account to the savings / current account using cheques

iStartup2.0 by ICICI Bank

Image
  India’s most comprehensive programme for start-ups T he Indian startup ecosystem has seen over 20,000 new companies being incorporated in July 2020 alone and the trend has continued in the months of August and September as well. The cumulative number of startups incorporated in India since 2010 is more than 800,000. The numbers suggest that the startup segment is clearly poised for exponential growth. Yet for a market segment this big, technology advancements in Banking hadn’t benefitted this segment yet. Sensing an opportunity here, ICICI Bank, one of India’s leading Banks, introduced ‘iStartup2.0’ — a 360-degree holistic and most comprehensive programme for startups with a combination of banking and beyond banking services across their life stages in a single place. This programme for startups takes care of their banking as well as beyond-banking needs such as regulatory assistance, analytics, staffing, accounting, customer acquisition and digital outreach to customers, networking

InstaBIZ by ICICI Bank - India’s first digital platform dedicated to MSMEs

Image
India’s first digital platform dedicated to MSMEs  A staggering 95% of the total Industrial Units in India are classified as Micro, Small and Medium Enterprises (MSMEs or Micro and SMEs). India has over 42.50 million MSMEs , registered and unregistered, which employ over 80 million people (close to 7% of the total population and around 40% of the total workforce ). MSMEs in India contribute almost 50% to India’s manufacturing output and around 40% of the country’s total exports. 31.70% of the MSMEs manufacture close to 6,000 different products, while 68.20% are engaged in delivering various services. Yet, this segment has remained largely untouched by the technology advancements in banking.  Sensing an opportunity here, ICICI Bank, one of India’s leading banks, invested its resources and money into research and development for digitalisation of business transactions in order to make life easier for MSMEs and self-employed customers. A few days ago, ICICI Bank launched ‘

HDFC BANK 2.0 : FROM DAWN TO DIGITAL

Image
A story about reinvention and innovation, by a master story teller! Mr. Rajnish Kumar, Chairman — SBI, launched the book in the presence of other esteemed guests If there is one organisation in India whose rise is in sync with the rise of India as a nation, it is HDFC Bank. In many ways, HDFC Bank is the true representation of the real India — Young, aspirational, world beater, trendsetter and in-sync with all the latest technological advancements. Hence, it is a no-brainer that HDFC Bank would make the ideal case study for any writer who wishes to chronicle the journey, the founding principles, the practices and the untold stories of the Indian Banking Sector after Liberalisation, Privatisation and Globalisation. Tamal Bandyopadhyay’s keen eye for detail, deep knowledge of the Banking industry and an unparalleled storytelling ability made him the ideal choice to astutely chronicle the journey of HDFC Bank from ‘Dawn to Digital’, 7 years after the release of his first book

One stop funding & business solutions for MSMEs in Bengaluru by ICICI Bank

Image
ICICI Bank has recently launched a dedicated centre in Bengaluru to provide business solutions exclusively to start-ups and small business owners in order to offer them hassle free services, all under one roof. This centre has been designed to cater to the growing and varied needs of the MSME segment. Funding & Business solutions now available more easily for MSMEs and Start-ups in Bengaluru THE PROBLEM The complex procedures, lack of proper guidance, confusion regarding documentary requirements and cumbersome processes of appraisal and disbursement in traditional banking channels act as a deterrent for MSMEs looking to raise funds for their working capital requirements. THE SOLUTION Mr. Sandeep Batra, Executive Director (Designate), ICICI Bank along with Mr. Viral Rupani, Retail Business Head — South, ICICI Bank inaugurated ICICI Bank’s first centre which is designed to offer solutions to varied needs of the MSME segment. This is a first of its kind initiative by ICICI

How to fund a small business in India

Image
Availing a loan for your business can often be stressful and time consuming. At https://msmemitra.com we believe in empowering potential borrowers by sharing information through our websites https://msmemitra.com and http://loanjugaad.com which we feel will help them make an informed decision about the funding options available to them. With its population in excess of 1.3 Billion and increasing, India has been the centre of world’s attention for its potential. As it happens, India is also the 6th largest and fastest growing trillion dollar economy in the world and is on its way to becoming a hub for innovation and disruptions with a number of untapped segments ready for aggressive growth. SMALL BUSINESSES (MSMEs) — THE BACKBONE OF INDIAN ECONOMY 95% of the total Industrial units in India are classified as Micro, Small and Medium Enterprises (MSMEs or Micro and SMEs). There are over 42.50 Million registered and unregistered MSME businesses in India which employ over 80 M

WHAT IS AN UNSECURED BUSINESS LOAN — ALL YOU NEED TO KNOW

Image
An  unsecured business loan  is a short-term funding solution which does not require personal or business assets as security, but is rather based on the financial history and cash-flow of the business, and the credit worthiness of the business and its promoters. As the risk for the lender is higher than in any asset or collateral-backed loans, the Interest rate for an  unsecured business loan  is higher than the interest rate on  SME Loan  which is backed by a primary security (machine, equipment, stock, book debts), and additionally by either collateral security (real estate property) and personal guarantee of promoters & third parties, or guaranteed under a  Credit Guarantee Scheme . In addition to higher interest rates, the loan repayment tenure is also much shorter for an  unsecured business loan  as compared to an  SME Loan  because of the higher risk of default over a longer period of time. IS AN  UNSECURED BUSINESS LOAN  SAME AS  LOAN UNDER MUDRA OR CGTMSE ?