Mumbai, April 4 -- In a major push for MSME financing, four public sector banks-Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank-have joined PSBXchange, the world's largest unified Supply Chain Finance (SCF) platform. Developed by PSB Alliance and powered by Veefin Solutions, the platform aims to bridge financial gaps for small businesses across India.
PSBXchange will act as a common digital bridge, connecting banks, NBFCs, fintech firms, B2B marketplaces, and accounting service providers. This initiative is set to revolutionize supply chain financing by integrating real-time data-driven credit solutions.
Expanding MSME Credit Access
With MSMEs contributing nearly 30% to India's GDP, ensuring their access to structured credit is crucial. Anjali Mohanty, Managing Director of PSB Alliance, emphasized that this digital infrastructure would allow banks to extend credit to a broader base of SMEs.
Raja Debnath, Chairperson & CEO of Veefin Group, highlighted how the platform would redefine financial inclusion by enabling faster, high-quality credit access for MSMEs.
Advisor to PSB Alliance, Eric Anklesaria, noted that PSBXchange is a game-changer in digital banking, much like the Alliance's previous initiatives in doorstep banking.
By leveraging advanced technology, PSBXchange is poised to transform lending, making credit more accessible, data-driven, and efficient for India's small businesses.
Published by HT Digital Content Services with permission from Construction World.