InstaBIZ will allow MSMEs and self-employed customers to undertake their business banking transactions digitally and instantly.
Private sector lender ICICI Bank has launched a new digital platform ‘InstaBIZ’. The platform is specially designed for micro, small and medium enterprises (MSMEs) and self-employed customers to help them undertake their business banking transactions digitally and instantly.
InstaBIZ enables customers in the export trade to settle inward remittances with greater ease and convenience as opposed to previous processes.
It is offering more than 115 products and services online through the mobile and internet banking channel, including instant overdraft facility of up to Rs 15 lakh, business loans, easy bulk collection and payment of funds through multiple digital modes, etc.
Pankaj Gadgil, Head (Self Employed Segment), ICICI Bank, said, “It is the first digital banking platform to enable instant payment of GST using the challan number in a single click payment. Additionally, they can instantly apply for a Point-of-Sale machine as well as an instant marine insurance policy.”
“A greater pain point for someone trading and expecting inward remittance to come via any neighbouring countries such as HongKong or China was the amount of time taken. The remittance would come and go to banks, instructions would be passed on to the customer who, in turn, would give disposal instruction and purpose code. The inward remittance would then get settled and the entire process would take a couple of days at least,” he further stated.