Central Bank of India taps Veefin Solutions to begin their Supply Chain Finance operations
Central Bank of India partners with Veefin Solutions for supply chain financing. Veefin's technology will enable CBI to offer digital onboarding, sanctioning, and disbursement to corporate and SME customers. This initiative aims to support SME growth and increase their contribution to the economy. CBI aims to set new benchmarks for SCF with Veefin's expertise.
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FAQs - Central Bank of India's Collaboration with Veefin Solutions
Frequently Asked Questions
1. What is the collaboration between Central Bank of India and Veefin Solutions?
Answer: The Central Bank of India has joined the PSB Alliance, a group of 12 public sector banks, which has appointed Veefin Solutions to deploy a unified cloud-based Supply Chain Finance (SCF) ecosystem in India.
2. Why did Central Bank of India decide to partner with Veefin Solutions?
Answer: The partnership aims to cater to the supply chain financing needs with the help of Veefin Solutions’ expertise in building supply chain finance and digital lending solutions.
3. What are the expected outcomes of the Central Bank of India's collaboration with Veefin Solutions?
Answer: The collaboration is expected to transform corporate banking and supply chain financing by offering state-of-the-art digital solutions to streamline processes and improve access to finance, especially for micro, small, and medium-sized enterprises (MSMEs).
4. Which other banks are part of the PSB Alliance along with Central Bank of India?
Answer: Other banks include the Bank of Baroda, the Bank of India, and 9 other public sector banks that have come together under the PSB Alliance.
5. What kind of jump in demand is Veefin Solutions experiencing for their supply chain finance solutions?
Answer: Veefin Solutions has seen a 300 percent jump in demand for supply chain finance solutions from Indian and global financial institutions in the current fiscal year.
6. Has Veefin Solutions entered into any other strategic partnerships recently?
Answer: Yes, Veefin Solutions and Tagit have announced a strategic partnership with the objective of transforming corporate banking and supply chain financing.
7. What is the significance of the supply chain finance platform being built by Veefin Solutions for the PSB Alliance?
Answer: The significance lies in providing a centralized, cloud-based platform which will help small and medium businesses access financing more easily and efficiently.