BoM, Vayana Network join hands to offer financing for MSMEs
Bank of Maharashtra (BoM) has entered into a strategic partnership with Vayana Network, India's largest supply chain financing (SCF) platform to offer financial support to the MSME sector.
Through this association, the Bank of Maharashtra will provide short term credit to meet funding requirements of dealers/vendors of reputed corporates through "Mahabank Channel Financing Scheme" launched by the bank, through Vayana Network's expertise in this segment.
Under the partnership, Vayana Network will provide its SCF solutions to Bank of Maharashtra, supported by Vayana's technology and service expertise. The SCF solutions will include vendor and dealer financing programmes across the bank's network of over 1,870 branches across the country.
Vayana Network's proprietary tech platform will help to digitise the transactions of SCF, while the market services will help to increase penetration in the under-served MSME segment.
A.S. Rajeev, MD & CEO of Bank of Maharashtra, said: "Bank of Maharashtra is proud to announce the launch of its Channel Financing solution for MSMEs in partnership with Vayana Network, India's leading Supply Chain Finance platform. We believe in the power of partnerships, and hence have tied up with leading Fintechs to launch innovative digital offerings. Through this partnership with Vayana, we look forward to offer a fully digital financing experience to our MSME customers, suppliers and distributors of leading corporates."
"We look forward to adding a robust portfolio within our MSME business through Channel Financing Scheme," Hemant Tamta, Executive Director of BoM, said.