HSBC has informed that it has launched a product for small businesses in the country- christened "HSBC Direct for business".

The newly launched software based product is targeted at small businesses and micro-SMEs.

The new software based product enables business to take care of their daily banking needs from anywhere through internet, telephone and self-service machines.

The bank treats any company with less than Rs 50 crore turnover as an SME customer while anyone with less than Rs 4 crore turnover falls under the category of micro-SME.

India is the third country where the bank has launched this product after testing success in the UK and Northern Ireland.