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

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 ‘InstaBIZ’, India’s first and most comprehensive digital banking platform for MSMEs and self-employed customers. Further, this service is not limited to just the existing customers of ICICI Bank.

First of its kind digital solution for MSME businesses

Mr. Pankaj Gadgil, Head — Self Employed Segment, ICICI Bank, said that ICICI Bank believes that ‘ease of doing business’ and ‘digitalisation’ are the key parameters to the growth of MSMEs and ‘InstaBIZ’ which is available as an app on Android and Apple phones, and on web, ­ is the first step in facilitating that.
The platform, which includes many first in the industry solutions, has been curated specifically for MSMEs and self-employed customers to enable them to undertake their business banking transactions digitally and instantly. A total of 115 services and products can be accessed in a digital and secured manner on the mobile app or internet banking platform, thus reducing the dependency on branch visits for many banking services.

WHAT THE PLATFORM OFFERS:

The first of its kind digital platform which enhances convenience and productivity of MSMEs, offers the following to its existing customers.
  • Instant overdraft facility (up to Rs. 15 lakh) & business loans
  • Easy bulk collection and payment of funds through multiple digital modes
  • Automatic bank reconciliation
  • All import-export transactions like inward and outward remittances
  • The first digital platform to enable instant payment of GST using the challan number in a single click payment
  • Instant request for Point-of-Sale (PoS) Machine
  • Instant Marine Insurance policy
In case you are not an existing customer of ICICI Bank, you can also download ‘InstaBIZ’ and enjoy unparalleled convenience of industry-first solutions such as:
  • Instant sanction of overdraft facility up to Rs. 10 lakh by uploading bank statements & KYC
  • Apply for a Current Account and customise its account number as per your choice
Some of the other eye-catching features of ‘InstaBIZ´ as we were able to experience, are as follows:
  • One view dashboard and automatic reconciliation of bank account: Complete overview of sales, cash available, bills paid and invoices collected, thus enabling convenient and timely business decisions.
  • Role based access to multiple employees: Role based user access along with financial transaction limit, depending on work requirement. This enables the entire team to conveniently and securely benefit from the platform, making business processes easier.
  • Networking & business campaigns: Powered by GlobalLinker, this feature allows MSMEs and entrepreneurs to connect with relevant business opportunities, set-up promotions and send notifications to relevant ICICI Bank customers for their promotion.
The App is available for Android phone users on the Google play store under the name ‘InstaBIZ’ and will shortly be available on the Apple app store as well. MSMEs can also access ‘InstaBIZ’ on internet banking by logging into ICICI Bank’s ‘Corporate Internet Banking’ platform.

After using the app for the last couple of days, I would highly recommend MSME businesses and entrepreneurs to download the app and use it to save your precious time and focus on increasing productivity of your business.
To know more: https://icicibank.com/instabiz/index.html”

Comments

  1. AIB FUNDING.15 March 2020 at 01:46

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  2. Unknown22 May 2020 at 20:57

    Hello everyone, I'm Patricia Sherman in Oklahoma USA right now. I would like to share with you my experience of borrowing USD $185,000.00 to clear my bank draft and start a new business. It all started when I lost my house and I took my stuff because of the bank policy and I met some bills and some personal needs. So I became very desperate and started looking for funds in every way. Fortunately for me, a friend of mine, Linda told me about a credit company firm, I was intrigued by the fraud, but I was intrigued by my situation and had no choice but to get advice from my friend about this company. contacting them really doubted me because of my past experience with online lenders, did you know that little? '' Elegantloanfirm@hotmail.com This company has been very helpful to me and my colleague and today, thanks to this credit company, the proud owner of well-organized work and responsibilities, they smiled back at me. So if you really need to grow or start your own business, or if you really need to borrow money in any financial hardship, we recommend you find a financial development opportunity in your business today. {E-mail:} Elegantloanfirm@hotmail.com / whats-app number +393511617486.... online for credit not a victim of scam Thank you.

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