ICICI Bank’s InstaBIZ to boost MSME business in Punjab and Haryana

Chandigarh, June 15, 2022: ICICI Bank today announced that InstaBIZ aims to help micro, small and medium (MSME) enterprises grow in Punjab and Haryana as the first-of-its-kind app for business banking offers a host of benefits for all, including customers of other banks. The host of benefits being offered by the new version of InstaBIZ can be put into three categories: i) enhanced banking services for existing customers, ii) a bouquet of banking services to MSMEs, who are customers of other banks, iii) a whole range of value-added services for all. With this, the new version of InstaBIZ, which was unveiled last month, brings forth a significant shift from the existing industry practice where banks offer services only to their customers.
 
Anyone can simply download the new version of InstaBIZ from Google Play Store or Apple App Store, or at the Bank’s Corporate Internet Banking (CIB) platform. It offers an array of services to help the customers undertake almost all of their business-banking transactions digitally and on the go, thereby helping them to improve efficiency.

In Punjab and Haryana, the MSME business is one of the focus areas of the Bank. It is expanding its customer base in the MSME segment by focusing on micro markets like hosiery, bicycle manufacturing and auto ancillary in Ludhiana; rubber and hand tools in Jalandhar; agriculture commodities in Bathinda, Amritsar and Ferozepur; textile and handloom in Panipat; agriculture equipment in Karnal and Barnala; surgical equipment in Ambala; steel utensils and plywood in Yamunanagar and agricultural commodities mandis in Taraori, Kaithal, Jind, Sirsa and Hisar. The Bank has set up 28 credit processing centers in the state for faster processing of loans to MSME customers. Over the last few years, MSME customers in Punjab and Haryana have frequently used InstaBIZ for financial transactions, availing Insta OD, opening current account, availing merchant solutions and making GST payments among others.

Pankaj Gadgil, Head - Self Employed Segment, SME & Merchant Ecosystem, ICICI Bank said, “We at ICICI Bank always believe that the MSME segment forms the backbone of the Indian economy. It has been our philosophy to enhance ‘ease of doing business’ for MSMEs and become partners in their growth. The MSME market is estimated to grow at a rapid pace in the coming years. Punjab and Haryana are important states for us and we are pleased to say that we are growing rapidly in these two states. We believe that InstaBIZ will resonate with MSMEs and entrepreneurs in Punjab and Haryana to undertake almost all business-banking transactions digitally and on the go. It brings in unprecedented convenience as it frees up their bandwidth largely, which they can devote to grow their main business. We believe this will make us the ‘bank of choice’ of the MSME segment.”