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Central Bank of India taps Veefin Solutions to begin their Supply Chain Finance operations

By Gloria Mathias

April 03, 2024

  • Banking technology
  • Central Bank of India
  • Digital Lending
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Central bank of India, Fintech News, Fintech Solutions, Veefin Solutions, Supply Chain Financing, India Fintech, Fintech News, Fintech India, Banking Technology, India News,Central Bank of India (CBI) has ventured into supply chain financing by leveraging Veefin’s expertise and technology. Veefin Solutions, a global Digital Lending & Supply Chain Financing solution, will be the sole technology vendor for CBI during the process.

This partnership will enable CBI to use Veefin’s Global-First end-to-end SCF stack, allowing them to cover the entire journey of supply chain financing in the process.

This includes vendor, channel partner, and anchor onboarding, as well as credit underwriting using ready-built APIs connecting to the India stack and other third-party data sources through Veefin’s Loan Origination System (LOS), transaction management and loan management via its SCF Loan Management System. These elements will allow CBI to offer a completely digital onboarding, sanctioning, and 24×7 disbursement process to their corporate and SME customers through their SCF offerings.

V.V Natrajan, GM, Central Bank of India said, “We are delighted to onboard Veefin as our technology partner as we begin our Supply Chain Finance journey in the country. With SMEs contributing ~ 30% to the GDP and the government aiming to increase this to 50%, this initiative aims to facilitate growth within this ecosystem. SCF has proven to be a form of SME lending that can help SMEs grow rapidly and thus increase their contribution to the economy. After examining multiple vendors, Veefin’s expertise and high-quality technology led us to onboard them as our tech vendor in our SCF journey.”

Raja Debnath, Managing Director, Veefin Solutions said, “We are delighted to add the Central Bank of India to our ever-growing roster of public sector banks using our SCF solution in India. The CBI team has been very supportive through this entire process, and we are confident that the CBI leadership will be able to set new benchmarks for the bank in SCF. Most of the lenders in India in SCF use Veefin to power their businesses. This experience will allow CBI to rapidly launch its SCF business.”

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