Bank of Maharashtra partners with Vayana Network to offer help MSMEs

PUNE: (BoM)has entered right into a strategic partnership with Vayana Network to offer monetary help to the MSME sector. Through this affiliation, BoM will present quick time period credit score to meet funding necessities of sellers of corporates by way of “Mahabank Channel Financing Scheme” launched by the financial institution, by way of Vayana Network’s experience on this phase.

Under the partnership, Vayana Network will present its Supply Chain Financing options (SCF) to the financial institution supported by Vayana’s expertise and repair experience. The SCF options will embody vendor and supplier financing applications throughout financial institution’s community of 1,870 branches throughout the nation. Vayana Network’s proprietary tech platform will help to digitize the transactions of Supply Chain Financing, whereas the market providers will help to improve penetration within the under-served MSME phase.

In a press release, AS Rajeev, MD & CEO of Bank of Maharashtra mentioned, “We believe in the power of partnerships, and hence have tied up with Fintechs to launch innovative digital offerings. Through this partnership with Vayana, we look forward to offer a digital financing experience to our MSME customers, suppliers and distributors of leading corporates.”

“MSMEs are the backbone of our economy and Bank of Maharashtra is committed to support their recovery and growth in a post pandemic world. Easy and affordable access to working capital is critical to make supply chains resilient and to boost the mission of Atmanirbhar Bharat. The tie-up with Vayana has enabled go-to-market for the Bank and we look forward to adding a robust portfolio within our MSME business through Channel Financing Scheme,” mentioned Hemant Tamta, Executive Director of Bank of Maharashtra, in a press release.

Ram Iyer, Founder and CEO, Vayana Network, in a press release mentioned, “Supply Chain Finance or Trade Finance has become a critical vehicle for affordable MSME loans. It has especially gained more traction in the post COVID era as both corporates and their MSME supply chains aim to streamline their working capital cycles and liquidity. At this juncture, MSMEs are looking to rebound in 2021 and the ease to access finance is the need of the hour. Our partnership with Bank of Maharashtrawill help them to rapidly scale up the SCF portfolio supported by our tech platform at virtually zero risk.”

Vayana Network has enabled over $6 billion (Rs. 45,000 crores) in commerce finance for 300 provide chains in 25 completely different industries. The firm connects corporates and their commerce ecosystems to present digital, handy and inexpensive entry to credit score for his or her payables and receivables. Vayana has processed over 1.7 million transactions and provides a zero-change expertise to prospects. It is current in 600 cities in India and 20 nations throughout the globe.

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