ICICI Bank organises MSME conclave in Chandigarh

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ICICI Bank organises MSME conclave in Chandigarh

  • Promoters and CFOs of over 200 MSMEs  participated in the conclave 

ICICI Bank organised a conclave for MSMEs (Micro, Small and Medium Enterprises) in Chandigarh to discuss the role of digital banking to make business more convenient to the segment. The conclave is part of the Bank’s initiative across the country to reach out to MSME companies. The conclave saw a participation of promoters and Chief Financial Officers (CFOs) of over 200 companies from various industries based in Chandigarh, Panchkula and Mohali.

 

Mr. Vishal Batra, Retail Business Head – North Zone, ICICI Bank said, “ICICI Bank has always leveraged technology to pioneer digital innovations to provide a world-class banking experience to its customers. The MSME sector in India employs the largest workforce and is the backbone of our economy. In our experience, we have seen that MSMEs typically go through various stages. We as a bank want to offer digital solutions to the MSME companies at every stage of their lives. In line with this guiding principle, we have digitised an array of solutions that can enable the MSME companies to transact seamlessly and grow to their maximum potential. The MSME Conclave at Chandigarh showcases our digital banking products that cater to the varied business needs of MSME customers.”

 

The conclave witnessed an engaging panel discussion with experts from industry associations, leading industrialists of the city along with senior officials of ICICI Bank. The topics covered in the discussion included emerging opportunities and challenges faced by MSMEs, outlook on international market and its impact on India, future course of forex market and the need for digital banking platforms for the MSME segment.

 

Panelists comprised of representatives from renowned industries in the city, including Dr. P.J. Singh, Managing Director, Tynor Orthotics (P) Ltd.; Ms. Archana Gupta, Director, Damcosoft Pvt. Ltd. and Mr. Samar Singla, CEO, Jugnoo; along with ICICI Bank officials namely Mr. Vishal Batra, Retail Business Head (North); Mr. Gaurav Arora, Zonal Head (ETRG) – North; Mr. Bhupesh Aggarwal, Zonal Head (Retail) and Mr. Arup Ganguli, Zonal Head (SMEAG) – North.

 

ICICI Bank is the first in the country to have introduced a multitude of digital innovations for MSMEs, which provides them with a state-of-the-art digital facility right from the stage of initiation till maturity.

 

These key tailor-made products and services for MSME businesses include:

  • Digital opening of current account in a few hours: This is India’s first digital application form that enables customers to open current account in a few hours using tablets and smartphones. The facility enhances convenience as it captures information about the customer and the business digitally, and verifies KYC documents in real-time, at the premise of the customer.
  • Fully digital platform for export import transactions: The Bank has introduced ‘Trade Online’, a compelling digital banking platform that enables large, medium and small sized corporates as well as MSMEs to undertake almost all of their export-import transactions online, eliminating physical documentation. It brings in significant convenience to customers as they are no longer required to visit a bank branch to initiate a trade transaction. They can now do so from anywhere, anytime in a secure manner.
  • Mobile app for collecting payments from customers: The Bank introduced ‘Eazypay’, the country’s first mobile app for merchants, professionals and traders that enables them to accept payments through multiple digital modes.
  • Connected Banking: ICICI Bank has partnered with several ERP service providers with a view to bring in the concept of ‘Connected Banking’ for MSMEs.  These partnerships resonate the Bank’s efforts at co-creating solutions that amalgamate services like banking, accounting and reconciliation on a single platform.
  • Quick working capital facilities: The Bank has recently introduced a slew of innovative services such as instant overdraft facility of up to Rs. 15 lakhs as well as business loans based on GST returns for its MSME customers. These propositions have been specifically designed to enable MSMEs fulfill their working capital requirements.

ICICI Bank organises MSME conclave in Chandigarh

The Bank has a gamut of digital banking services like 24X7 available cash acceptance machines and cash management solutions, that were discussed in detail at the event. ICICI Bank has 475 branches and 1043 ATMs in the states of Punjab and Haryana.    

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About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at Rs.11,77,498 crore at December 31, 2018. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.

ICICI Bank organises MSME conclave in Chandigarh

Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the ‘safe harbor’ under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non-performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov .

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