Mumbai, 28 November, 2017 (GPN) : Small and Medium Enterprises (SMEs) has demonstrated high demand for finance, particularly debt, but of their total financial requirement, over three fourth is either self-financed or comes from informal sources. The demand of finance has also seen an increase due to the GST implementation and this is a good factor for the economy & banking industry. Prime Minister Narendra Modi’s “Digital India” initiative – which aims to drive economic development through wide-ranging digital transformation across the country, is the inspiration behind our Digitized Supply Finance Platform.
This product aims to support bank’s manufacturing clients across the country and this platform is a small contribution in helping Prime Minister’s “Make in India” initiative become a reality – transforming India’s economy into to a world-class manufacturing hub.
The Supply Chain Finance solution provides a range of supply chain finance products – covering pre- and post-shipment products – viz Dealer/Channel Finance, Vendor Finance and Payable Finance – and is highly flexible and scalable, with an omni-channel user interface that supports rich analytics. By increasing automation and straight-through processing, while enhancing reporting capabilities, the platform would reduce risks while uplifting satisfaction of our clients. Our SCF Technology & Processes are designed to ensure faster approvals, seamless transaction processing and availability of finance to the SME customers. Product is embedded with latest state-of-art technology & features which is aimed to accelerate the business of our customers.
Mr. P.S.Jayakumar, Managing Director & CEO, Bank of Baroda says: “With this latest state-of-art digitized SCF product, we are now LIVE with few large corporates and many more in pipeline. With this product we will be augmenting our relationship with Large Corporate Customers and SME clients. This product will help us enter new Large Corporate Relationship and MSME clients. In line with our Prime Minister’s “Digital India” and “Make in India”, initiatives, this solution will augment to strengthen the companies that are driving the country’s growth – opening up new financing opportunities for companies of all sizes via a cutting-edge digital product. This product will empower the Bank and give us competitive positioning in the market, highlighting our intent as a leader in the field of Supply Chain Finance. This project is an example of transformation agenda that we are driving in the Bank – Digitization, Centralisation, seamless & faster Transaction Processing.”
Mr. Mayank Mehta, Executive Director, Bank of Baroda, adds: “We have kept the design & framework of the technology & processes for the Supply Chain Finance product such that it will augment the growth drivers for both Large Corporates and MSME clients. It has been our endeavour to support our client’s Eco-System partners and leveraging their trade relationship to augment their business. Our experience in giving working capital, term loan and project finance loan and supporting Large Corporates with long standing relationships coupled with launch of supply chain finance gives us better edge. Supply chain finance provides banks with an opportunity to become a valuable partner in their clients’ supply chains and ensures sustained growth and profitability of clients and their business partners. We are happy to see Bank seizing this through digital leadership and we are committed for the on-going transformation of the bank.”ENDS.