Key Announcement
PSB Alliance Pvt. Ltd and Bank of India have signed an agreement for onboarding Bank of India as a lending partner on the PSB Xchange platform, which is described as India's unified digital working capital finance platform.
Partnership Details
Through this collaboration, Bank of India will offer supply chain finance to eligible borrowers associated with participating anchor corporates on the PSB Xchange platform. The partnership will enable:
- Digital onboarding
- Credit assessment
- Financing through a standardized process
Strategic Objectives
The collaboration aims to:
- Help Bank of India expand its digital supply chain finance reach
- Enable faster access to institutional credit for MSMEs
- Strengthen the platform's lender network
- Broaden availability of institutional finance for dealer ecosystems across industries
Platform Benefits
PSB Xchange connects lenders, corporates and ecosystem partners through a unified platform. The shared infrastructure reduces the need for multiple point-to-point integrations and supports:
- Faster programme implementation
- Portfolio monitoring
- Standardized onboarding, documentation and programme execution
Stakeholder Perspectives
Vinayak Shukla, General Manager, Bank of India: Emphasized that dealers and MSMEs are integral to India's business ecosystem. The participation will enable timely and digitally enabled working capital solutions to dealers associated with established corporate anchors, aligning with the bank's focus on strengthening MSME financing.
Anjali Mohanty, MD & CEO, PSB Alliance: Stated that supply chain finance evolution requires collaborative digital frameworks. PSB Xchange enables such frameworks by bringing lenders, corporates and ecosystem partners onto a common platform, with Bank of India's onboarding strengthening this network.
Raja Debnath, Managing Director, Veefin Group: Described Bank of India's participation as an important milestone that demonstrates how technology and public sector bank reach can work together to expand working capital access for MSMEs.
Future Outlook
The onboarding of Bank of India strengthens PSB Xchange's ability to support supply chain finance programs across industries. The platform will continue to expand its network of lenders, corporates and ecosystem partners to improve access to institutional working capital finance.
Company Backgrounds
Bank of India: Described as one of India's leading public sector banks providing banking and financial services to individuals, MSMEs, corporates and institutions, with focus on strengthening MSME and working capital offerings through technology-enabled solutions.
PSB Xchange: A unified, multi-lender digital working capital ecosystem powered by PSB Alliance and developed by Veefin. The platform connects banks, NBFCs, corporates, fintechs and MSMEs for digital execution of supply chain finance and working capital programmes.
PSB Alliance: A company promoted by 12 Public Sector Banks to deliver tech-driven, secure services to the banking sector that foster innovation and redefine banking excellence.