Mumbai, Mar 13 (PTI) Largest private sector lender ICICI Bank today said micro, small and medium enterprises (MSMEs) can avail an instant overdraft facility of up to Rs 15 lakh for a year anytime online.

The facility can be used by a few lakh prequalified customers and the bank is mulling to extend the same to MSME customers of other banks shortly, it said in a statement.

“It will enable MSME companies to expand business with ease,” executive director Anup Bagchi said, adding the lender has seen an “encouraging response” to the facility within just a few days of the launch.


IDFC partners Vasudhara Dairy to help in financial inclusion * Private sector lender IDFC Bank today said it has partnered with Vasudhara Dairy to help in the financial inclusion efforts at 1,000 villages in Gujarat and Maharashtra.

Using interoperable micro ATMs, it will enable farmers in unbanked villages who travel 5-10 kms to access a bank, get banking services in their own village, it said in a statement.

The 1973-established dairy is headquartered in Valsad and collects 8 lakh litres of milk per day from the Valsad, Navsari and Dangs districts in south Gujarat.


Kotak Investment appoints Chetan Shah as executive director * Kotak Mahindra Bank subsidiary Kotak Investment Advisors today said it has appointed Chetan Shah as the executive director of its real estate team.

He joins the company from ASK Property Investment Advisors where he managed multiple real estate funds across fund raising, deployment, monitoring and exits, an official statement said.


India Infoline ties up with William O’ Neil for research * IIFL Group company India Infoline today said it has partnered with global research and fund house William O’ Neil to provide customers market research on over 4,000 domestic companies.

Through the partnership, India Infoline and William O Neil would provide fundamental research, technical charting based buy sell signals on stocks, model portfolios and ideas list based on algorithmic selection.

India Infoline would provide proprietary ratings and rankings of over 4,000 stocks based on William O’ Neil methodology. The research by William O’Neil would be available on IIFL Markets mobile app instantaneously to all the customers.


PNB MetLife launches Ulip product

* PNB MetLife India Insurance today launched a new market-linked Whole Life Wealth Plan, which offers whole life cover with options of limited premium payment term of 8-25 years.

It also rewards the consumer with fund boosters at the end of the 10th and the 15th year for staying invested under the policy, a release issued here said.

“This product offers dual benefits of whole life cover and investment. Additonally there is an option where the company will waive off all future premiums incase the customer is diagnosed with any of the covered critical illnesses under this plan,” said Khalid Ahmad, head product management, PNB MetLife.

This is published unedited from the PTI feed.