Central Bank of India taps Veefin to automate its supply chain finance operations

Central Bank of India taps Veefin to automate its supply chain finance operations

Mumbai-based Central Bank of India has partnered with Veefin Solutions for its supply chain financing operations. Veefin will provide technology support for fully digital processes. The collaboration aims to help SMEs grow and increase their contribution to the economy. Veefin has seen a surge in demand from financial institutions. Central Bank of India is confident in setting new benchmarks with this partnership. Veefin's platform also offers various MSME loan products.

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FAQs - Central Bank of India taps Veefin

Frequently Asked Questions (FAQs) - Central Bank of India taps Veefin to automate its supply chain finance operations

Q: What purpose is the Central Bank of India partnering with Veefin for?

A: The Central Bank of India is partnering with Veefin Solutions to automate its supply chain finance operations. This partnership aims to enhance the efficiency and management of supply chain financing processes.

Q: When did the Central Bank of India begin their partnership with Veefin Solutions?

A: While the linked TechCircle article's date isn't provided in the search results, another source from the CXOToday.com indicates that the Central Bank of India onboarded Veefin Solutions "1 hour ago" from the moment the content was last updated. It's advised to check the original source for the most accurate and current information.

Q: What kind of operations is Veefin expected to automate for the Central Bank of India?

A: Veefin is expected to automate supply chain finance operations, which likely includes streamlining the processes for providing financing to suppliers within a supply chain to improve capital efficiency and reduce transaction costs and times.

Q: What is Veefin's reputation in the field of supply chain finance?

A: Veefin is known to be a "global leader in Supply Chain Finance and Digital Lending" with significant achievements such as crossing "$12 billion in annualized transaction processing."

Q: Are there any other banks in India involved with Veefin for similar supply chain finance operations?

A: Yes, Veefin has been mentioned in association with several other banks in India including the Bank of Baroda, Bank of India, and Ujjivan Small Finance Bank for their supply chain finance offerings.

Q: Has Veefin partnered with any non-banking finance companies for supply chain finance services?

A: Yes, Veefin has collaborated with Muthoot FinCorp, one of India's largest non-banking financial enterprises, to launch supply chain financing activities in India.

For the most recent and detailed information, you should refer to the original TechCircle article (TechCircle) or visit relevant company websites like Veefin's official page (Veefin) or the Central Bank of India’s official website.

Please note that these FAQs are generated based on the information provided and may not reflect the latest developments. It is always recommended to check the current details from the official sources.