: ICICI Bank join hands with Amazon to offer instant overdraft (OD) to registered sellers #finance #StockMarketNEWS ICICI Bank join hands with Amazon to offer instant overdraft (OD) to registered sellers

ICICI Bank join hands with Amazon to offer instant overdraft (OD) to registered sellers #finance #StockMarketNEWS
ICICI Bank join hands with Amazon to offer instant overdraft (OD) to registered sellers Mumbai, Sept 27 (KNN) ICICI Bank today announced that it has partnered with Amazon India to offer overdraft (OD) facility upto INR 25 lakh to individual sellers and small businesses registered on the e-commerce company’s online marketplace, amazon. in, instantaneously and digitally.

Driven by API integration, the partnership enables sellers to avail an OD fr0m the Bank in a process--fr0m application to sanction to disbursement-- that is entirely digital. Even customers of other banks can avail the OD facility fr0m ICICI Bank, if they are registered as sellers with amazon. in.

Leveraging advanced data analytics, ICICI Bank has developed this new facility that functions on the back of an industry-first scorecard to instantly evaluate credit worthiness of sellers based on their financial profile including Credit Bureau scores.

The new credit assessment method offers significant convenience to the sellers as it does away with the paper-intensive bank statements or income tax returns for assessing credit worthiness. Further, it empowers small businesses and individual sellers who are ‘new-to-credit’ and ‘existing MSME borrowers’ to unlock the value of their digital transactions and get access to instant credit.

Sellers having current account with ICICI Bank can immediately start using the OD to meet their working capital requirements. Customers of other banks can avail the OD by simply opening a current account with the Bank digitally.

Speaking on the initiative, Pankaj Gadgil, Head- Self Employed Segment, SME & Merchant Ecosystem, ICICI Bank said, “ICICI Bank has always believed that access to timely credit and ease of doing business are key parameters for the growth of the MSME businesses. In line with this, we are pleased to launch the OD facility for sellers registered on amazon. in instantly and digitally. The partnership stands to enable sellers to avail instant overdraft up to INR 25 lakh in a completely digital manner. They can start using the OD amount immediately to meet their working capital requirements.

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