A host of banking services with value-added offerings will now be available to MSMEs in India at the nudge of a finger, thanks to a novel initiative by ICICI Bank. InstaBIZ app launched by ICICI Bank is designed to provide a single platform to address all the financial needs of MSMEs, including customers of other banks. Furthermore, its existing customers can also avail of an instant and paperless overdraft facility of up to ₹2.5 million. Customers of other banks can enjoy the overdraft facility after opening a current account with the bank digitally through video KYC, an instant procedure that can be accomplished using the InstaBIZ app.
