INSUBCONTINENT EXCLUSIVE:
ICICI Bank's new credit evaluation method gets rid of the traditional processICICI Bank today revealed that it has partnered with
e-commerce giant Flipkart to offer an immediate and entirely digital overdraft (OD) facility of approximately Rs
25 lakh to the private sellers and services registered on the online marketplace.Enabled by application shows interface (API) combination,
the collaboration will help sellers to avail an OD from ICICI bank quickly in a procedure - from application to sanction to disbursement -
Customers of any bank can obtain ODs from ICICI bank if they are signed up as sellers with Flipkart, according to a statement shared by the
leading private loan provider today.ICICI Bank leverages sophisticated information analytics to develop a scorecard that helps in examining
the credibility of the sellers quickly
The new credit assessment technique eliminates the conventional process that includes analyzing paper-intensive bank declarations and income
This step presumes significance amid the Covid-19 pandemic.The technique helps the sellers who are 'new-to-credit' along with existing
micro, little, and medium business (MSME) debtors to open the value of their digital transactions and get access to instantaneous
credit.Sellers having a bank account with ICICI bank can immediately begin utilizing the OD to fulfill their operating capital requirements
Customers of other banks can get the OD by opening a bank account with ICICI bank digitally, after the KYC verification
we comprehend that timely credit and ease of working are essential factors for operating and growth of MSME services
With this partnership, sellers signed up with Flipkart can obtain instant OD of approximately Rs
25 lakh, in an entirely digital way and begin utilizing it immediately.The fast processing of the OD facility has actually been made
possible by a specially developed scorecard for credit evaluation of the sellers, said Mr
Pankaj Gadgil, Head - Self Used Segment, SME - & Merchant Community, ICICI Bank.On Tuesday, December 7, shares of ICICI bank settled 3.46
per cent greater at Rs 734.65 apiece on the BSE.
