CURRENT AFFAIRS

Detailed explanation-1: -Mumbai: ICICI Bank Ltd. announced the launch of a new working capital facility that enables MSMEs (Micro, Small and Medium Enterprise) to get an overdraft (OD) based on the turnover reported in their Good and Services Tax (GST) returns.

Detailed explanation-2: -ICICI Bank has launched instant overdraft ‘InstaOD’ facility for MSME (Micro, Small and Medium Enterprises) customers in a completely online and paperless manner. Customers can get overdraft facility up to Rs 15 lakh for a year anytime, anywhere using the bank’s Internet and mobile banking app.

Detailed explanation-3: -ICICI Bank has launched India’s first comprehensive digital ecosystem for all Micro, Small and Medium Enterprises (MSMEs) in the country, offering complete range of enhanced banking and value-added services at one place.

Detailed explanation-4: -We provide GST OD, a working capital facility that enables MSMEs to avail an overdraft of upto Rs. 1 crore based on their income reported in GST returns.

Detailed explanation-5: -Simplified GST documentation and easy assessment norms make the processing and disbursement of loan easy and seamless. Sanctioning of the loan amount happens swiftly as it only takes about 48 hours for the sanctioning to happen. An overdraft of up to Rs 2 crore is offered to eligible customers under this facility.