Technology for MSMEs: Private sector giant ICICI Bank has further expanded the services of InstaBiz.
Technology for MSMEs: Private sector giant ICICI Bank has further expanded the services of Instabiz. It is no longer necessary to have an ICICI Bank account to use the MSME-focused digital banking app InstaBIZ. The bank informed on Wednesday (February 09) that now it is interoperable, that is, the shopkeeper’s account is in any bank, it can be linked on this platform.
Owners of grocery shops, supermarkets, restaurants, stationery stores and pharmacies and professionals like doctors and lawyers can generate UPI ID and QR code on their app and through this can collect payment from customers. The bank said that one can apply online for point of sale (POS) devices and voice messaging devices. Verifies whether or not the payment was received through the voice messaging device. The bank launched this app in July 2019 through which MSMEs can avail the facilities of banking products and services.
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Interoperability facility will be available online
The bank has informed that in order to avail the facility of interoperability, merchants do not need to visit any branch of the bank nor do they need to upload any documents, but for this the online KYC process will have to be completed. For this, the bank’s API (Application Programming Interface) will be used which will validate PAN or Aadhaar online which will be required for verification of KYC.
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InstaBIZ and online features strengthen loanbook
MSMEs can avail overdraft facility up to Rs 15 lakh through Instabiz. Can accept, collect, collect payments in bulk online, automatically match the account with the bank. The bank’s SME loan portfolio grew by 34.2 per cent year-on-year in the December quarter and 9.7 per cent quarter-on-quarter to Rs 36353 crore on the back of Instabiz and other digital initiatives like merchant stock, trade online and easySign. The average ticket size of the bank’s business loan stood at Rs 1-1.5 crore. Anoop Bagchi, Executive Director, ICICI Bank, informed that a large part of the MSME segment is owned by retail merchants and through this services are being provided to about two crore shopkeepers across the country.
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