Bank of Maharashtra on Thursday entered into a strategic partnership with fintech corporation Vayana Network to give channel financing service for MSMEs. Vayana is India’s biggest provide chain financing platform supplying economic assistance to MSMEs. Through this partnership, BoM has launched the Mahabank Channel Financing Scheme to provide brief-term credit to meet funding requirement of dealers and vendors of corporates.
A S Rajeev, MD & CEO of BoM, stated they have been seeking at supplying a completely digital financing expertise to MSME clients, suppliers and distributors of top corporates. “We believe in the power of partnerships, and hence have tied up with leading fintechs to launch innovative digital offerings.” Ram Iyer, founder and CEO, Vayana Network stated, provide chain finance or trade finance has grow to be a crucial car for cost-effective MSME loans. SCF has gained more traction in the post-COVID era as each corporates and their MSME provide chains aiming at streamlining their working capital cycles and liquidity.
Also Read: Should senior citizens invest in equity mutual funds?