Question: Which of the following banks has recently introduced the Instant ODF facility?
(a) Indian State Bank
(b) HDFC Bank
(c) ICICI Bank
(d) Axis Bank
Answer: (c)
Related Facts:
- On 13th March, 2018, ICICI Bank, India’s largest private sector bank by consolidated assets, announced the launch of an instant overdraft facility for MSME (Micro, Small and Medium Enterprises) customers in a completely online and paperless manner.
- Christened ‘InstaOD’, this first-of-its-kind offering in the Indian banking industry enables a few lakhs of pre-qualified current account customers of the bank to instantly avail of the facility without visiting a branch and submitting physical documents.
- This facility significantly improves customers’ convenience, as they get an overdraft facility upto Rs. 15 lakh for a year anytime, anywhere, using the bank’s internet and mobile banking app.
- The application procedure incorporates an additional level of authentication in order to make the security of the process robust.
- ICICI Bank will also offer a facility of instant online sanction of overdraft facility to MSME customers of other banks shortly.
- Chanda Kochhar is the current MD & CEO of ICICI Bank.