It is the country’s first online and instant overdraft facility for MSMEs

Photo Credit : Reuters,

ICICI Bank, India’s largest private sector bank by consolidated assets, announced the launch of an instant overdraft facility for MSME (Micro, Small and Medium Enterprises) customers in a completely online and paperless manner.

Christened ‘InstaOD’, this first-of-its-kind offering in the Indian banking industry enables a few lakhs of pre-qualified current account customers of the bank to instantly avail of the facility without visiting a branch and submitting physical documents.

This facility significantly improves customers’ convenience, as they get an overdraft facility upto Rs. 15 lakh for a year anytime, anywhere, using the bank’s internet and mobile banking app. The application procedure incorporates an additional level of authentication in order to make the security of the process robust.

ICICI Bank will also offer a facility of instant online sanction of overdraft facility to MSME customers of other banks shortly.

Anup Bagchi, Executive director, ICICI Bank, said: “At ICICI Bank, our philosophy is ‘Ready For You. Ready For Tomorrow’. Herein we are committed to offer innovative products and services to our customers at the fastest possible speed and with the highest level of convenience. The introduction of ‘InstaOD’ is an outcome of this vision. We believe that this first-of-a-kind proposition offers a unique experience to our customers.

"With the Indian economy on the upswing, this convenient overdraft facility will enable the MSME companies to expand their business with ease. We have seen encouraging response to the facility within just a few days of its launch. We plan to shortly introduce a facility of instant online sanction for an overdraft facility for MSME customers of other banks as well.”