Central Bank of India partners with Veefin Solutions to commence supply chain finance Elets BFSI
Central Bank of India has partnered with Veefin Solutions to start supply chain financing operations. Veefin will provide a digital lending platform to support the bank's SCF solutions. This partnership aims to offer digital onboarding, sanctioning, and 24x7 disbursement procedures to corporate and SME customers. Veefin Solutions has seen a 300% rise in demand for its financing solutions from various financial institutions.
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FAQs - Central Bank of India partners with Veefin Solutions for supply chain finance
Frequently Asked Questions
Central Bank of India partners with Veefin Solutions to commence supply chain finance
1. What is the purpose of Central Bank of India’s partnership with Veefin Solutions?
Answer: Central Bank of India has partnered with Veefin Solutions to automate and enhance its supply chain finance offerings. This collaboration aims to provide a more efficient and unified cloud-based platform for supply chain financing, which will help in better serving the needs of MSMEs (Micro, Small and Medium Enterprises) and large corporates in India.
2. Who is Veefin Solutions, and what do they specialize in?
Answer: Veefin Solutions is a Mumbai-based technology firm that specializes in building supply chain finance and digital lending solutions. They cater to the needs of banks, financial institutions, fintech companies, corporates, and NBFCs (Non-Banking Financial Companies). Their expertise lies in deploying cloud-based ecosystems for supply chain financing.
3. How many public sector banks are involved in the PSB Alliance which appointed Veefin Solutions?
Answer: The PSB Alliance consists of a group of 12 public sector banks that have entered the supply chain financing sector. The Alliance was set up by these banks to enhance the financial services provided to small and medium-sized businesses and corporates in India.
4. What is expected from Veefin Solutions’ partnership with Central Bank of India and other public sector banks?
Answer: Veefin Solutions is expected to administer a unified cloud-based supply chain financing (SCF) ecosystem, which would streamline the process of supply chain finance and provide a more seamless experience to clients, particularly MSMEs. This is part of a larger initiative to improve access to financing and digital lending solutions in the Indian market.
5. Has Veefin Solutions experienced any growth in the demand for its services?
Answer: Yes, Veefin Solutions reportedly observed a significant increase in demand for its supply chain finance solutions. A particular report mentioned a 300 percent jump in demand from Indian and global financial institutions in the current fiscal year.
For the most accurate and detailed information regarding Central Bank of India's partnership with Veefin Solutions, you may want to visit the "Elets BFSI - Elets" website directly or consult the latest press releases and announcements from the Central Bank of India and Veefin Solutions.