Central Bank of India Partners with Veefin Solutions for Supply Chain Finance Operations
This post delves into CBI’s collaboration with Veefin to initiate supply chain financing.
Central Bank of India (CBI) has embarked on a new venture in the realm of supply chain financing by teaming up with Veefin Solutions. This strategic partnership signifies CBI’s commitment to leveraging advanced technology and expertise to enhance its offerings in the financial services sector.
Veefin Solutions: A Trusted Technology Partner
Veefin Solutions, renowned for its digital lending and supply chain financing solutions, has been selected as the exclusive technology vendor for CBI’s supply chain finance operations. Through this collaboration, CBI aims to harness Veefin’s comprehensive SCF stack to streamline its supply chain financing processes.
End-to-End SCF Stack Implementation
Veefin’s Global-First end-to-end SCF stack empowers CBI to cover the entire journey of supply chain financing seamlessly. This encompasses vendor, channel partner, and anchor onboarding, credit underwriting, transaction management, and loan management. By leveraging ready-built APIs connecting to India stack and other third-party data sources, CBI can offer digital onboarding, sanctioning, and 24x7 disbursement processes to corporate and SME customers.
CBI’s Strategic Move towards SME Growth
V.V Natrajan, General Manager at Central Bank of India, expressed delight in partnering with Veefin as CBI commences its supply chain finance journey. With SMEs contributing approximately 30% to India’s GDP, CBI’s initiative aims to facilitate growth within this ecosystem. Supply chain finance has emerged as a vital form of SME lending, facilitating rapid growth and increased contribution to the economy.
Veefin’s Confidence in CBI’s Leadership
Raja Debnath, Managing Director of Veefin Solutions, highlighted the company’s pleasure in adding Central Bank of India to its portfolio of public sector banks utilizing their SCF solution. With CBI’s supportive approach and Veefin’s expertise, the partnership aims to set new benchmarks in supply chain finance. Veefin’s widespread adoption in the Indian SCF landscape underscores the potential for CBI to swiftly launch its SCF business.
About Veefin Solutions
Veefin Solutions Limited is a global leader in Digital Supply Chain Finance, committed to reimagining supply chain finance and digital lending through innovative technology solutions. As a listed entity on BSE SME, Veefin builds white-labelled supply chain finance and lending solutions for various financial institutions, fintechs, B2B marketplaces, and corporates.
Veefin Solutions Ltd’s shares are presently trading at Rs 315.05, reflecting an increase of 2.65 % compared to yesterday’s closing value of Rs 307. The stock’s 52-week high stands at Rs 409.75, while its lowest point during the same period was Rs 85.13. Over the past year, the company’s shares have yielded multibagger returns of 269.55%.
Conclusion
The collaboration between Central Bank of India and Veefin Solutions marks a significant milestone in the realm of supply chain finance in India. By harnessing Veefin’s advanced technology and expertise, CBI aims to streamline its supply chain finance operations and cater effectively to the financial needs of corporate and SME customers. This partnership underscores CBI’s commitment to fostering economic growth and facilitating financial inclusion through innovative solutions.
Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.